Amortisation of voluntary retirement payments spreads deduction across tax years and bars alternative deduction claims. Insertion prescribes amortisation for expenditure on voluntary retirement payments: a specified proportion is deducted in the year of payment and the ... Summary
Amortisation of voluntary retirement payments spreads deduction across tax years and bars alternative deduction claims.
Insertion prescribes amortisation for expenditure on voluntary retirement payments: a specified proportion is deducted in the year of payment and the balance is deducted in equal instalments over the immediately succeeding previous years. The provision bars claiming deduction for such expenditure under any other provision of the Act, establishing an exclusive timing regime for tax recognition of voluntary retirement payments.
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