A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

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-B - Effect of you becoming bankrupt  

Operative provisions

SECTION 36-45  Limit on deductions for amounts paid  

Tax losses generally

36-45(1)  

 ITAA 36
The total of your deductions under subsection 36-40(1) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * tax loss reduced by the sum of:


(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and


(b) any amounts of the tax loss * utilised in earlier income years; and
 View history reference


(c) any amounts of the tax loss that, apart from section 36-35, would have been deductible from your * net exempt income for the income year or earlier income years.

Film losses

36-45(2)  

 ITAA 36
The total of your deductions under subsection 36-40(2) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * film loss reduced by the sum of:


(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and


(b) any amounts of the film loss deducted in earlier income years; and


(c) any amounts of the film loss that, apart from section 36-35, would have been deductible from your * net exempt film income for the income year or earlier income years.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page