Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 977.10

Loss realised for income tax purposes

  (1)   A loss is realised for income tax purposes by a * realisation event that happens to a * CGT asset if, and only if, an entity makes a * capital loss from the event. That capital loss is the loss realised by the event.

  (2)   If a provision of this Act reduces the loss that would, apart from that provision, be * realised for income tax purposes by the event, the * capital loss is reduced by the same amount.


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