Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 960.20

  (1)   None of the following can be * utilised, to the extent it has already been utilised:

  (a)   a * tax loss;

  (b)   a * net capital loss;

  (c)   * net exempt income.

Utilisation of losses

  (2)   A * tax loss is utilised to the extent that:

  (a)   it is deducted from an amount of assessable income or * net exempt income; or

  (b)   it is reduced by applying a * total net forgiven amount; or

  (c)   it is * carried back.

  (3)   A * net capital loss is utilised to the extent that:

  (a)   it is applied to reduce an amount of * capital gains; or

  (b)   it is reduced by applying a * total net forgiven amount.

Utilisation of net exempt income

  (4)   * Net exempt income for an income year is utilised to the extent that:

  (a)   it is subtracted:

  (i)   from deductions; or

  (ii)   under subsection   268 - 60(4) in Schedule   2F to the Income Tax Assessment Act 1936 or subsection   165 - 70(4) or 175 - 35(4) of this Act;

    in determining a * tax loss for the income year; or

  (b)   because of it, the extent to which a tax loss can be deducted in that income year is reduced; or

  (c)   because of it, an amount is reduced under subsection   35 - 15(2) (about deferral of deductions from non - commercial business activities); or

  (d)   because of it, a quarantined amount is reduced under subsection   26 - 47(8); or

  (e)   it is reduced under subsection   65 - 35(3) because of a * tax offset carried forward; or

  (f)   because of it, an amount is reduced under step 2 of the method statement in subsection   160 - 10(2) (which is a step in calculating a loss carry back tax offset component).

Table of sections

960 - 49   Objects of this Subdivision

960 - 50   Translation of amounts into Australian currency

960 - 55   Application of translation rules