Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 36.10

(1) Add up the amounts you can deduct for an income year (except

*tax losses for earlier income years).

(2) Subtract your total assessable income.

(3) If you *derived exempt income, also subtract your *net exempt income
(worked out under section 36-20).

(4) Any amount remaining is your tax loss for the income year, which is called
a loss year. Note: Some deductions are limited so that they cannot contribute
to a tax loss. See:
. section 26- 55 (Limit on certain deductions)
. section 79D of the Income Tax Assessment Act 1936 (Limit on deductions for
foreign income).