Income Tax Assessment Act 1997

Pt 3-1 inserted by No 46 of 1998.

Div 102 inserted by No 46 of 1998.

S 102-15 substituted by No 88 of 2013, s 3 and Sch 6 item 17, effective 29 June 2013. S 102-15 formerly read:

SECTION 102-15 How to apply net capital losses  
102-15(1)
In working out if you have a * net capital gain, your * net capital losses are applied in the order in which you made them.

102-15(2)
A * net capital loss can be applied only to the extent that it has not already been applied.

102-15(3)
To the extent that a * net capital loss cannot be applied in an income year, it can be carried forward to a later income year.

Example:

You have capital gains for the income year of $ 1,000 and capital losses for the income year of $ 600. Your capital losses are subtracted from your capital gains to leave a balance of $ 400.

You have available net capital losses of $ 300 (for last year) and $ 200 (for the year before that).

The $ 400 is reduced to zero by applying the available net capital losses in the order in which you made them. This leaves $ 100 of the $ 300 to be carried forward and extinguishes the $ 200.

Note:

For applying a net capital loss for the 1997-98 income year or an earlier income year: see section 102-15 of the Income Tax (Transitional Provisions) Act 1997 .

S 102-15 inserted by No 46 of 1998.