Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

3   Consequential amendment of the Income Tax Assessment Act 1936

217   Subsection 116CD(8)

Repeal the subsection, substitute:

(8) A life assurance company cannot make a net capital loss for a year of income, despite section 102-10 of the Income Tax Assessment Act 1997.