Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 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 deducted 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.