Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.115

    The * total net forgiven amount is applied first, to the maximum extent possible, in reduction, in accordance with section   245 - 120, of your * tax losses (if any) for any income years, if the tax losses could, if you had enough assessable income, be deducted in:

  (a)   the * forgiveness income year; or

  (b)   a later income year.