INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 4 - Treatment of gains and losses  

SECTION 160ZO   TREATMENT OF NET CAPITAL GAINS AND NET CAPITAL LOSSES  

160ZO(1A)   [No application for 1998/99 income year onwards]  

This section does not apply for the purposes of assessments for the 1998-99 year of income or any later year of income.

See instead Division 102 of the Income Tax Assessment Act 1997 .

160ZO(1)   [Assessable income to include net capital gain]  

Where a net capital gain accrued to a taxpayer in respect of the year of income, the assessable income of the taxpayer of the year of income includes that net capital gain.

160ZO(2)   [Net capital loss taken into account]  

A net capital loss that was incurred by a taxpayer in respect of a year of income shall be taken into account in accordance with section 160ZC but is not otherwise allowable to the taxpayer as a deduction under this Act in respect of any year of income.