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Blackhole expenditure: recent amendments - overview paper

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Published on 07 Dec 06 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

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 To achieve this end the amendments repealed the original rules that limited tax deductions to specific circumstances and replaced them with an all inclusive approach designed to capture everything not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 of Henderson Edelstein, Chartered Accountants which provides professional accounting and tax services to a diverse range of clients in Australia and overseas. With close to 24 years tax experience, including at one large, one mid-tier accounting practice and one large outsource service provider supporting inbound businesses / structures for Multinational Companies, 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 private and overseas clients with their business activities / tax affairs, ensuring they are compliant for tax and regulatory purposes. - Current at 25 January 2018
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December tax update

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Blackhole expenditure

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