Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You work out if you have a net capital loss for the income year in this way:
Working out your net capital loss
Step 1. Add up the * capital losses you made during the income year. Also add up the * capital gains you made.
Step 2. Subtract your * capital gains from your * capital losses.
Step 3. If the Step 2 amount is more than zero, it is your net capital loss for the income year.
Note: For exceptions and modifications to these rules: see section 102 - 30.
(2) You cannot deduct from your assessable income a * net capital loss for any income year.