Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 417 - Timor Sea petroleum  

Subdivision 417-D - Transferring or applying tax losses  

SECTION 417-105  

417-105   The effect of choosing to apply losses to earlier income years  
If you choose under this Subdivision to apply an amount of a *tax loss for an income year as a deduction from your assessable income for an earlier income year:


(a) you can deduct the amount from your assessable income for the earlier income year; and


(b) you can no longer *utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.


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