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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 36.105

Tax losses for 1989-90 to 1996-97 income years

             (1)  If you incurred a loss for the purposes of section 79E (General domestic losses of 1989-90 to 1996-97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989-90 to 1996-97 income years, the loss is your tax loss for that income year, which is called a loss year .

             (2)  You can deduct the tax loss in the 1997-98 or a later income year only to the extent that it has not already been deducted.



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