Income Tax Assessment Act 1997
The company ' s net capital gain for the income year is worked out in this way: Working out the company ' s net capital gain
Add up the *notional net capital gains (if any) worked out under section
A notional net capital loss for a period is not taken into account, but counts towards the company ' s net capital loss for the income year.
Add to the Step 1 amount so much of each amount included in the company ' s assessable income for the income year under:
as is attributable to a *capital gain that the trust made outside the income year.
This is relevant only if the trust has an income year that starts and ends at a different time from when the company ' s income year starts and ends.
If the Step 2 amount is
zero, reduce it by applying any unapplied *net capital losses from previous income years. (If this reduces it to zero, the company has no net capital gain for the income year.)
To apply net capital losses: see section 102-15 .
If the Step 3 amount is more than zero, it is the company ' s net capital gain .
For exceptions and modifications to these rules: see section 102-30 .