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.