Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)
Schedule 2 Amendment of the Income Tax Assessment Act 1936: forgiveness of commercial debts
Part 2 Consequential amendments
24 After subsection 80(2)
(2AA) If a loss referred to in subsection (2) is taken to be reduced under Subdivision 245-E of Schedule 2C in its application to the year of income or a previous year of income, any reference to that loss in this section is to be treated as a reference to that loss as so taken to be reduced.