Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)
Schedule 6 Loss carry back consequential amendments
Part 1 Concepts and definitions
Income Tax Assessment Act 1997
17 Section 102-15
Repeal the section, substitute:
102-15 How to apply net capital losses
In working out if you have a *net capital gain, your *net capital losses are applied in the order in which you made them.
Note 1: A net capital loss can be applied only to the extent that it has not already been utilised: see subsection 960-20(1).
Note 2: 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.