Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 36.45

Limit on deductions for amounts paid

Tax losses generally

             (1)  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

                     (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

             (2)  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.

Guide to Subdivision 36-C



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