Social Security (Attribution of Income — Ineligible Deductions) Determination 2017 (Cth)

Social Security (Attribution of Income — Ineligible Deductions) Determination 2017

I, FINN PRATT, Secretary of the Department of Social Services, make this Determination under sections 1208B and 1209C of the Social Security Act 1991.

Dated 8 March 2017

Finn Pratt Secretary of the Department of Social Services

Contents

Page Part 1 Preliminary 1 Name of Determination 3 2 Commencement 3 3 Revocation 3 4 Definitions 3 Part 2 Ineligible deductions and ineligible parts of deductions Division 2.1 Ineligible deductions 5 Ineligible deductions — ITAA 1936 and ITAA 1997 4 Division 2.2 Ineligible parts of deductions 6 Ineligible part of amount of salary or wages 4 7 Ineligible part of amount of interest on borrowings 5 8 Trading stock of business — election under s 70-45 of ITAA 1997 6 9 Trading stock of primary production enterprise — election under s 70-45 of ITAA 1997 7 10 Trading stock of business — election under s 70-50 of ITAA 1997 7 11 Trading stock of primary production enterprise — election under s 70-50 of ITAA 1997 8 Schedule 1 Ineligible deductions for section 1208B of the Act 9 Part 1 Ineligible deductions: ITAA 1936 9 Part 2 Ineligible deductions: ITAA 1997 9 Schedule 2 Ineligible deductions for section 1209C of the Act 11 Part 1 Ineligible deductions: ITAA 1936 11 Part 2 Ineligible deductions: ITAA 1997 11

Part 1 Preliminary

1 Name of Determination This Determination is the Social Security (Attribution of Income — Ineligible Deductions) Determination 2017. 2 Commencement This Determination commences the day after it is registered on the Federal Register of Legislation. 3 Revocation The Social Security (Attribution of Income — Ineligible Deductions) Determination 2004 is revoked. 4 Definitions In this Determination: Act means the Social Security Act 1991. assessable income means assessable income for the purposes of ITAA 1936 or ITAA 1997. ITAA 1936 means the Income Tax Assessment Act 1936. ITAA 1997 means the Income Tax Assessment Act 1997.