INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 36 - Tax losses of earlier income years  

Subdivision 36-B - Effect of you becoming bankrupt  

Operative provisions

SECTION 36-45   Limit on deductions for amounts paid   Tax losses generally

36-45(1)  


The total of your deductions under subsection 36-40(1) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * tax loss reduced by the sum of:


(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and


(b) any amounts of the tax loss * utilised in earlier income years; and


(c) any amounts of the tax loss that, apart from section 36-35, would have been deductible from your * net exempt income for the income year or earlier income years.

Film losses

36-45(2)  


The total of your deductions under subsection 36-40(2) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * film loss reduced by the sum of:


(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and


(b) any amounts of the film loss deducted in earlier income years; and


(c) any amounts of the film loss that, apart from section 36-35, would have been deductible from your * net exempt film income for the income year or earlier income years.


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