Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 320.125

Capital losses from complying superannuation assets

  (1)   In working out a * life insurance company's * net capital gain or * net capital loss for the income year, * capital losses from * complying superannuation assets can be used only to reduce * capital gains from complying superannuation assets.

  (2)   If some or all of a * capital loss from a * complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company's * capital gains from * complying superannuation assets exceed the company's capital losses (if any) from complying superannuation assets.

  (3)   If the company has 2 or more unapplied * net capital losses from * complying superannuation assets, the company must apply them in the order in which they were made.

Note:   This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the complying superannuation class: see sections   320 - 137 and 320 - 141.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback