The amendments to the taxation treatment of business-related capital expenditure (referred to as ‘blackhole expenditure’) were intended to provide a “systematic solution” to the problems of the business blackhole expenditure regime. To achieve this end the amendments repealed the original rules that limited tax deductions to specific circumstances and replaced them with an all inclusive approach designed to capture everything not addressed in the Income Tax Assessment Act, 1936 and Income Tax Assessment Act, 1997. This paper looks to consider the application of these rules and to apply them to practical situations. In particular, the new rules have introduced new terms as well as qualifying criteria that the expenditure must satisfy before the blackhole deduction is available.
Miscellaneous
2006
Blackhole expenditure: recent amendments - overview
Source: New South Wales
Published Date: 7 Dec 2006
Individual Session
Blackhole expenditure
Author(s):
Zubair Bangash CTA
Materials from this
session:
Details
- Published By: Zubair Bangash CTA
- Published On:7 Dec 2006
- Took place at:The Menzies Hotel, Sydney, and The Crowne Plaza, Parramatta
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Miscellaneous
2006
Share this page