Income Tax Assessment Act 1997
The rule in subsection 35-10(2) may be modified for an income year if you * derived * exempt income in that year.
Any amount to which paragraph 35-10(2)(b) would otherwise apply for an income year for you is reduced by your * net exempt income for that year (after * utilising the net exempt income under section 36-10 or 36-15 (about tax losses)). This reduction is made before you apply the paragraph 35-10(2)(b) amount against assessable income from the * business activity.
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