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Draft Legislation and Explanatory Materials: Taxation of Boat Hire Arrangements

Date:

Thursday, 14 December 2006

Content ID:

1209

Abstract:

The Minister for Revenue and Assistant Treasurer, the Hon. Peter Dutton, announced the Government would amend the law to allow taxpayers who cannot demonstrate that they are carrying on a business using a boat to:

  • deduct expenditure relating to their boating activity up to the level of income generated from their boating activity; and
  • allow any excess deductions to be carried forward and deducted against income from that boating activity in future years

The Treasury has prepared draft amendments to the Income Tax Assessment Act 1997 to give effect to the announcement.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Attachment A - Draft Legislation  26.95kb
Attachment B - Explanatory Material  38.85kb

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