Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 36.10

How to calculate a tax loss for an income year

             (1)  Add up the amounts you can deduct for an income year (except * tax losses for earlier income years).

             (2)  Subtract your total assessable income.

             (3)  If you * derived * exempt income, also subtract your * net exempt income (worked out under section 36-20).

             (4)  Any amount remaining is your tax loss for the income year, which is called a loss year .

Note 1:       Some deductions are limited so that they cannot contribute to a tax loss. See section 26- 55 (Limit on certain deductions).

Note 2:       The meanings of tax loss and loss year are modified by section 36- 55 for a corporate tax entity that has an amount of excess franking offsets.

             (5)  For subsection (3), if you have * exempt income under section 51-100 (about shipping), disregard 90% of so much of your * net exempt income as directly relates to that exempt income.



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