Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf you choose under this Subdivision to apply an amount of a * tax loss for an income year as a deduction from your assessable income for an earlier income year:
(a) you can deduct the amount from your assessable income for the earlier income year; and
(b) you can no longer * utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.