INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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 .
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.