Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 36 - Tax losses of earlier income years  

SECTION 36-105   Tax losses for 1989-90 to 1996-97 income years  

36-105(1)   [Incurring tax loss]  

If you incurred a loss for the purposes of section 79E (General domestic losses of 1989-90 to 1996-97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989-90 to 1996-97 income years, the loss is your tax loss for that income year, which is called a loss year .

36-105(2)   [Deducting loss in 1997/98 or later]  

You can deduct the tax loss in the 1997-98 or a later income year only to the extent that it has not already been deducted.