Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 36.15

  (1)   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

  (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

  (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.

  (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

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