Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

3   Consequential amendment of the Income Tax Assessment Act 1936

502   Section 245-125 of Schedule 2C (definition of deductible net capital loss)

Repeal the definition, substitute:

deductible net capital loss means a net capital loss that:

(a) the debtor has for an income year earlier than the forgiveness year of income; and

(b) apart from this Subdivision, could be applied in working out the debtor's net capital gain for the forgiveness year of income (assuming the debtor had enough capital gains).