Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZW

    In this Subdivision:

"accumulated net capital loss" for a year of income (the loss year ) means the amount (if any) by which the total of:

  (a)   the total of the overall capital losses for all classes of assessable income for the loss year; and

  (b)   any accumulated net capital loss for the last year of income before the loss year;

exceeds:

  (c)   the total of the overall capital gains for all classes of assessable income for the loss year (before section   116GB is applied).

"class" , in relation to assessable income, means a class specified in section   124ZY.

"company" does not include a company in a capacity of trustee.

"non-CGT assessable income" means an amount included in assessable income otherwise than under Part   3 - 1 or 3 - 3 (about CGT) of the Income Tax Assessment Act 1997 or this Subdivision.

"ordinary capital gain" for a CGT event means any capital gain that would (apart from this Subdivision) arise from the event.

"ordinary capital loss" for a CGT event means any capital loss that would (apart from this Subdivision) arise from the event.

"overall capital gain" for a class of assessable income means:

  (a)   the amount by which the total ordinary capital gain for that class exceeds the total ordinary capital loss for that class; or

  (b)   if an amount has been applied under subsection   124ZZB(2) to reduce an overall capital gain previously worked out under this definition--that gain as so reduced.

"overall capital loss" for a class of assessable income means the amount by which the total ordinary capital gain for that class is less than the total ordinary capital loss for that class.

"residual overall capital gain" means so much of an overall capital gain as remains after applying subsection   124ZZB(2).

"SME assessable income" has the meaning given by Subdivision   B.

"SME investment" means an investment other than an unregulated investment.

"total ordinary capital gain" for a class means the total of so much of any ordinary capital gains as has been allocated to that class under section   124ZZA.

"total ordinary capital loss" for a class means the total of so much of any ordinary capital losses as has been allocated to that class under section   124ZZA.

"unregulated investment" has the same meaning as in the Pooled Development Funds Act 1992 .