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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 36 - Tax losses of earlier income years  

Subdivision 36-A - Deductions for tax losses of earlier income years  

SECTION 36-15  How to deduct tax losses of entities other than corporate tax entities  

 ITAA 36

36-15(1)  

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Your *tax loss for a *loss year is deducted in a later income year as follows if you are not a *corporate tax entity at any time during the later income year.

Note 1:

See section 36-17 for the deduction of a tax loss of an entity that is a corporate tax entity at any time during the later income year.

Note 2:

A tax loss can be deducted only to the extent that it has not already been utilised: see subsection 960-20(1).

If you have no net exempt income

36-15(2)  

If your total assessable income for the later income year exceeds your total deductions (other than *tax losses), you deduct the tax loss from that excess.

If you have net exempt income

36-15(3)  

If you have *net exempt income for the later income year and your total assessable income (if any) for the later income year exceeds your total deductions (except *tax losses), you deduct the tax loss:


(a) first, from your net exempt income; and


(b) secondly, from the part of your total assessable income that exceeds those deductions.

36-15(4)  

However, if you have *net exempt income for the later income year and those deductions exceed your total assessable income, then:


(a) subtract that excess from your net exempt income; and


(b) deduct the tax loss from any net exempt income that remains.

To work out your net exempt income: see section 36-20.

General

36-15(5)  

If you have 2 or more *tax losses, you deduct them in the order in which you incurred them.

36-15(6)  

(Repealed by No 88 of 2013)

36-15(7)  

(Repealed by No 88 of 2013)


 



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