Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 36.30

After you become bankrupt, you cannot deduct a tax loss that you incurred beforehand. However, you may be able to deduct repayments of debts you incurred in the loss year.

Table of sections

Operative provisions

36 - 35   No deduction for tax loss incurred before bankruptcy

36 - 40   Deduction for amounts paid for debts incurred before bankruptcy

36 - 45   Limit on deductions for amounts paid