Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 102.10

How to work out your net capital loss

  (1)   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.

  (2)   You cannot deduct from your assessable income a * net capital loss for any income year.


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