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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.20

Utilisation

             (1)  None of the following can be * utilised, to the extent it has already been utilised:

                     (a)  a * tax loss;

                     (b)  a * net capital loss;

                     (c)  * net exempt income.

Utilisation of losses

             (2)  A * tax loss is utilised to the extent that:

                     (a)  it is deducted from an amount of assessable income or * net exempt income; or

                     (b)  it is reduced by applying a * total net forgiven amount.

             (3)  A * net capital loss is utilised to the extent that:

                     (a)  it is applied to reduce an amount of * capital gains; or

                     (b)  it is reduced by applying a * total net forgiven amount.

Utilisation of net exempt income

             (4)  * Net exempt income for an income year is utilised to the extent that:

                     (a)  it is subtracted:

                              (i)  from deductions; or

                             (ii)  under subsection 268-60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165-70(4) or 175-35(4) of this Act;

                            in determining a * tax loss for the income year; or

                     (b)  because of it, the extent to which a tax loss can be deducted in that income year is reduced; or

                     (c)  because of it, an amount is reduced under subsection 35-15(2) (about deferral of deductions from non-commercial business activities); or

                     (d)  because of it, a quarantined amount is reduced under subsection 26-47(8); or

                     (e)  it is reduced under subsection 65-35(3) because of a * tax offset carried forward.

Table of sections

960-49      Objects of this Subdivision

960-50      Translation of amounts into Australian currency

960-55      Application of translation rules



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