INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 35 - Deferral of losses from non-commercial business activities  

Operative provisions  

SECTION 35-15   Modification if you have exempt income  

35-15(1)  


The rule in subsection 35-10(2) may be modified for an income year if you * derived * exempt income in that year.

35-15(2)  


Any amount to which paragraph 35-10(2)(b) would otherwise apply for an income year for you is reduced by your * net exempt income for that year (after * utilising the net exempt income under section 36-10 or 36-15 (about tax losses)). This reduction is made before you apply the paragraph 35-10(2)(b) amount against assessable income from the * business activity.

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