Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 102.15

  (1)   In working out whether you have a net capital gain for the 1998 - 99 income year, the amount of any net capital loss for the 1997 - 98 income year or an earlier income year must be worked out under the Income Tax Assessment Act 1936 .

  (2)   If you had a net capital loss for the 1997 - 98 income year, or some unapplied net capital loss for either of the 2 preceding income years, under former Part   IIIA of the Income Tax Assessment Act 1936 , it can be carried forward to a later income year to be applied under the Income Tax Assessment Act 1997 .

Note:   The way in which capital losses can be applied may be affected by other provisions: see section   102 - 30 of the Income Tax Assessment Act 1997.

  (3)   If you had a net listed personal - use asset loss for the 1997 - 98 income year under former Part   IIIA of the Income Tax Assessment Act 1936, it is taken for the purposes of the Income Tax Assessment Act 1997 to be a net capital loss from collectables for that income year.