Income Tax Assessment Act 1997
Part 3-35 heading amended by No 169 of 2001.
Part 3-35 inserted by No 89 of 2000.
Div 320 inserted by No 89 of 2000.
This section applies to assets ( ordinary assets ) of a *life insurance company other than:
(a) *complying superannuation assets; or
(b) *segregated exempt assets.
S 320-120(1) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (a), effective 1 July 2015.
S 320-120(1) amended by No 45 of 2008, s 3 and Sch 4 item 22, by substituting " complying superannuation/FHSA " for " virtual PST " in para (a), effective 26 June 2008.
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. 320-120(3)
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. 320-120(4)
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.
S 320-120 amended by No 83 of 2004 and inserted by No 89 of 2000.
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