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Blackhole expenditure: recent amendments - overview paper


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 To achieve this end the amendments repealed the original rules that limited tax deductions to specific circumstances and replaced them with an all inclusive approach designed to capture everything not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.

Author profile

Zubair Bangash CTA
Zubair is a Director, Head of MAS at TMF Group, a global specialised outsource provider of (among other services) accounting and tax compliance services. With close to 17 years tax experience, including at one large and one mid-tier accounting practice, Zubair has provided tax services to numerous clients, including large multi-national companies as well as key clients with overseas operations. In his current role, he assists inbound multinationals in establishing their businesses in Australia, ensuring they are compliant for tax and regulatory purposes. - Current at 09 February 2016
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This was presented at Blackhole Expenditure .

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