Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If you incurred a loss for the purposes of section 79E (General domestic losses of 1989 - 90 to 1996 - 97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989 - 90 to 1996 - 97 income years, the loss is your tax loss for that income year, which is called a loss year .
(2) You can deduct the tax loss in the 1997 - 98 or a later income year only to the extent that it has not already been deducted.