Income Tax Assessment Act 1997
The company has a notional net capital gain for a period if the total of the *capital gains it made during the period exceeds the total of the *capital losses it made during the period. The notional net capital gain is the amount of the excess. 165-108(2)
On the other hand, if the total of those losses exceeds the total of those gains, the company has a notional net capital loss for the period, equal to the excess. 165-108(3)
If the company has a *notional net capital loss for none of the periods in the income year, this Subdivision has no further application, and the company's *net capital gain for the income year is calculated in the usual way.
The usual way of working out the net capital gain is set out in section 102-5 .Trust's capital gain attributed to company beneficiary 165-108(4)
If some or all (the attributable amount ) of an amount included in the company's assessable income for the income year under:
(a) section 97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or
(b) section 98A (Non-resident beneficiaries assessable in respect of certain income) of that Act;
is attributable to a *capital gain that the trust made at a particular time during the period, this section applies to the attributable amount as if it were a *capital gain made by the company at that time.