What are the ‘positive’ and ‘negative’ limbs of s 8-1 ITAA97? What is the difference between a ‘loss’ and an ‘outgoing’? What is the effect of the words ‘to the extent that’ in s 8-1? What tests have the courts used to ascertain whether or not there is a sufficient nexus between a loss or outgoing and the positive limbs of s 8-1?
Added by Andrea B.
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The positive limbs refer to the conditions under which a loss or outgoing can be deducted, specifically: - The loss or outgoing must be incurred in gaining or producing assessable income (positive limb). - The loss or outgoing must not be capital, private, or Show more…
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