Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In working out a * life insurance company's * net capital gain or * net capital loss for the income year, * capital losses from * complying superannuation assets can be used only to reduce * capital gains from complying superannuation assets.
(2) If some or all of a * capital loss from a * complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's * capital gains from * complying superannuation assets exceed the company's capital losses (if any) from complying superannuation assets.
(3) If the company has 2 or more unapplied * net capital losses from * complying superannuation assets, the company must apply them in the order in which they were made.
Note: This section affects the amount of assessable income that is to
be taken into account in working out a taxable income or tax loss of the
complying superannuation class: see sections 320 - 137 and 320 - 141.