(1) To work out your film loss (if any) for the purposes of the Income Tax Assessment Act 1997 for the 1989-90 or a later income year, apply former section 375-810 of that Act.
(2) You can deduct in the 1997-98 or a later income year your film loss for any of the 1989-90 to 1996-97 income years only to the extent that it has not already been deducted.
Table of sections
392-1 Application of Division 392 of the Income Tax Assessment Act 1997
392-25 Transitional provision--election under section 158A of the Income Tax Assessment Act 1936