Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)
Schedule 2 Non-commercial losses
Income Tax Assessment Act 1997
5 After subsection 35-10(2D)
(2E) You satisfy this subsection for an income year if the sum of the following is less than $250,000:
(a) your taxable income for that year;
(b) your *reportable fringe benefits total for that year;
(c) your *reportable superannuation contributions for that year;
(d) your *total net investment losses for that year.
For the purposes of paragraph (a), when working out your taxable income, disregard any excess mentioned in subsection (2) for any *business activity for that year that you could otherwise deduct under this Act for that year.