Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 417.105

The effect of choosing to apply losses to earlier income years

    If you choose under this Subdivision to apply an amount of a * tax loss for an income year as a deduction from your assessable income for an earlier income year:

  (a)   you can deduct the amount from your assessable income for the earlier income year; and

  (b)   you can no longer * utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.


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