Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.205

Gains

  (1)   Your assessable income includes a gain you make from the * financial arrangement.

Losses

  (2)   You can deduct a loss you make from the * financial arrangement, but only to the extent that:

  (a)   you make it in gaining or producing your assessable income; or

  (b)   you necessarily make it in carrying on a * business for the purpose of gaining or producing your assessable income.