Income Tax Assessment Act 1997
You work out if you have a net capital loss for the income year in this way: Working out your net capital loss
Add up the *capital losses you made during the income year. Also add up the *capital gains you made.
Subtract your *capital gains from your *capital losses.
If the Step 2 amount is more than zero, it is your net capital loss for the income year.
For exceptions and modifications to these rules: see section 102-30 .102-10(2)
You cannot deduct from your assessable income a *net capital loss for any income year.
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