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)


Income requirement

(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.