Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 36.45

Tax losses generally

  (1)   The total of your deductions under subsection   36 - 40(1) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * tax loss reduced by the sum of:

  (a)   your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and

  (b)   any amounts of the tax loss * utilised in earlier income years; and

  (c)   any amounts of the tax loss that, apart from section   36 - 35, would have been deductible from your * net exempt income for the income year or earlier income years.

Film losses

  (2)   The total of your deductions under subsection   36 - 40(2) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * film loss reduced by the sum of:

  (a)   your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and

  (b)   any amounts of the film loss deducted in earlier income years; and

  (c)   any amounts of the film loss that, apart from section   36 - 35, would have been deductible from your * net exempt film income for the income year or earlier income years.