S 572 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 572 formerly read:
SECTION 572 NOTIONAL DEDUCTIONS
PAST CALCULATED LOSSES
If there was any calculated loss, or there were any calculated losses, in respect of the FIF under subsection
in respect of any notional accounting period or notional accounting periods of the FIF that preceded the relevant period (other than such a preceding notional accounting period that ended before the taxpayer first acquired an interest in the FIF), so much of that calculated loss or of those calculated losses as has not been allowed as a notional deduction from the notional income of the FIF of any of those preceding notional accounting periods is a notional deduction from the notional income of the FIF of the relevant period.
If 2 or more calculated losses are notional deductions under subsection (1), the calculated losses are to be taken into account in the order in which they were incurred.
S 572 inserted by No 190 of 1992.