Commonwealth Numbered Acts

SOCIAL SECURITY LEGISLATION AMENDMENT ACT (No. 2) 1994 No. 109, 1994 - SECT 51

51. Section 10A of the Principal Act is amended:

   (a)  by inserting the following definition in subsection (2):

"'net rental property loss' has the meaning given by subsection (15);";

   (b)  by adding at the end the following subsection:

Net rental property loss

"(15) The net rental property loss of a person for a tax year is:

   (a)  if the expenses incurred by the person on rental property during that
        year exceed the person's gross rental property income for that
        year-the amount by which those expenses exceed that gross rental
        property income; or

   (b)  if the expenses incurred by the person on rental property during that
        year do not exceed the person's gross rental property income for that
        year-nil.".