Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 86.85

    The fact that a * personal services entity:

  (a)   incurs an amount in gaining or producing an individual's assessable income; or

  (b)   uses a * depreciating asset, or has it installed ready for use, for the * purpose of producing assessable income of an individual;

does not stop the entity deducting the loss or outgoing, or deducting an amount for the decline in value of the asset, under this Act if:

  (c)   the entity incurs the amount in gaining or producing, or uses or installs the depreciating asset for the purpose of producing, its * ordinary income or * statutory income; and

  (d)   the income is included in the individual's assessable income under section   86 - 15.