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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 102 - Assessable income includes net capital gain  

Operative provisions  

SECTION 102-10  How to work out your net capital loss  

102-10(1)  

 ITAA 36
You work out if you have a net capital loss for the income year in this way:

Working out your net capital loss

Step 1. 

Add up the *capital losses you made during the income year. Also add up the *capital gains you made.


Step 2. 

Subtract your *capital gains from your *capital losses.


Step 3. 

If the Step 2 amount is more than zero, it is your net capital loss for the income year.

Note:

For exceptions and modifications to these rules: see section 102-30.

102-10(2)  

 ITAA 36
You cannot deduct from your assessable income a *net capital loss for any income year.


 



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