Section DW 1 — Income Tax Act 2007: Airport operators

DW 1 Airport operators No deduction (with exception) (1) An airport operator is denied a deduction for expenditure or loss to the extent to which the expenditure or loss is, in terms of the joint venture agreement that relates to the airport operator, a charge against any part of the joint income of the parties to the agreement that has been allocated or distributed to any party. Meaning of expenditure (2) In subsection (1), expenditure includes a provision that is treated as expenditure or loss in the nature of interest under sections HR 5 and HR 6 (which relate to airport operators). Link with subpart DA (3) This section overrides the general permission. Defined in this Act: airport operator , deduction , expenditure , general permission , income , joint venture agreement , Compare: 2004 No 35 s DW 1