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GB 32: Benefits provided to employee’s associates
or “Tax rules for benefits given to people connected to employees”
You could also call this:

“Rules to prevent unfair tax deductions for asset value loss”

This law is about stopping people from using sneaky ways to get tax deductions they shouldn’t have. It applies when you or someone else makes a deal about an asset you own. If the deal lets you or another person claim a tax deduction for the asset losing value over time (that’s called depreciation), and the main reason for making this deal is to get around what the tax law is meant to do, then you won’t be allowed to claim that deduction. The government doesn’t want people to use clever tricks to pay less tax than they should.

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Next up: GB 34: ICA arrangements for carrying amounts forward

or “Rules for companies carrying forward imputation credit account balances”
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Part G Avoidance and non-market transactions
Avoidance: specific

GB 33Arrangements involving depreciation loss

  1. This section applies when—

  2. an asset of a person has been subject to an arrangement; and
    1. the arrangement allows the person or another person to have a deduction for an amount of depreciation loss; and
      1. a purpose of the arrangement is to defeat the intent and application of this Act.

        1. The relevant person is denied the deduction.

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