Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS

Division 102 - Assessable income includes net capital gain

Operative provisions

SECTION 102-10 How to work out your net capital loss

102-10(1)
You work out if you have a net capital loss for the income year in this way: Working out your net capital loss

Step 1.

Add up the * capital losses you made during the income year. Also add up the * capital gains you made.

Step 2.

Subtract your * capital gains from your * capital losses.

Step 3.

If the Step 2 amount is more than zero, it is your net capital loss for the income year.

For exceptions and modifications to these rules: see section 102-30 .

102-10(2)
You cannot deduct from your assessable income a * net capital loss for any income year.