Income Tax Assessment Act 1997



Division 320 - Life insurance companies  

Subdivision 320-C - Deductions and capital losses  

Operative provisions

SECTION 320-120   Capital losses from assets other than complying superannuation assets or segregated exempt assets  


This section applies to assets ( ordinary assets ) of a *life insurance company other than:

(a) *complying superannuation assets; or

(b) *segregated exempt assets.

In working out a *life insurance company ' s *net capital gain or *net capital loss for the income year, *capital losses from ordinary assets can be used only to reduce *capital gains from ordinary assets.

If some or all of a *capital loss from an ordinary asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company ' s *capital gains from ordinary assets exceed the company ' s capital losses (if any) from ordinary assets.

If the company has 2 or more unapplied *net capital losses from ordinary assets, the company must apply them in the order in which they were made.


This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the ordinary class: see sections 320-139 and 320-143 .


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