24 Jan 12 Exposure Draft - Disallow deductions against rebatable benefits
The Treasury has released for public consultation exposure draft and accompanying explanatory material designed to amend the ITAA 1997 to disallow deductions against taxable government assistance payments that are eligible for a rebatable benefit.
This follows the Government's announcement in the 2011-12 Budget that it would disallow deductions against government assistance payments following the High Court decision in FCT v Anstis  HCA 40.
The amendment is to have effect from 1 July 2011.
The closing date for submissions is Friday 17 February 2012.