Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)
Schedule 6 Loss carry back consequential amendments
Part 1 Concepts and definitions
Income Tax Assessment Act 1997
34 Before Subdivision 960-C
Subdivision 960-B - Utilisation of tax attributes
Table of sections
(1) None of the following can be *utilised, to the extent it has already been utilised:
(a) a *tax loss;
(b) a *net capital loss;
(c) *net exempt income.
Utilisation of losses
(2) A *tax loss is utilised to the extent that:
(a) it is deducted from an amount of assessable income or *net exempt income; or
(b) it is reduced by applying a *total net forgiven amount; or
(c) it is *carried back.
(3) A *net capital loss is utilised to the extent that:
(a) it is applied to reduce an amount of *capital gains; or
(b) it is reduced by applying a *total net forgiven amount.
Utilisation of net exempt income
(4) *Net exempt income for an income year is utilised to the extent that:
(a) it is subtracted:
(i) from deductions; or
(ii) under subsection 268-60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165-70(4) or 175-35(4) of this Act;
in determining a *tax loss for the income year; or
(b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or
(c) because of it, an amount is reduced under subsection 35-15(2) (about deferral of deductions from non-commercial business activities); or
(d) because of it, a quarantined amount is reduced under subsection 26-47(8); or
(e) it is reduced under subsection 65-35(3) because of a *tax offset carried forward; or
(f) because of it, an amount is reduced under step 2 of the method statement in subsection 160-15(2) (which is a step in calculating a loss carry back tax offset component).