Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You cannot deduct under this Act a loss or outgoing to the extent that the loss or outgoing is incurred in gaining or producing a rebatable benefit (within the meaning of section 160AAA of the Income Tax Assessment Act 1936 ).
(2) To the extent that you use property in gaining or producing a rebatable benefit, your use of the property is taken not to be for the * purpose of producing assessable income if subsection ( 1) would stop you deducting a loss or outgoing if you incurred it in the income year in gaining or producing the rebatable benefit.
Note: Under some provisions of this Act, in order to deduct an amount for your property, you must have used the property for the purpose of producing assessable income.
3 Subsection 995 - 1(1) (note at the end of the definition of purpose of producing assessable income )
Omit "Section 32 - 15 (about using property in providing entertainment) treats", substitute "Sections 26 - 19 (about using property in gaining or producing rebatable benefits) and 32 - 15 (about using property in providing entertainment) treat".
4 Application of amendments
The amendments made by this Schedule apply to assessments for the 2011 - 12 income year and later income years.