Income Tax Assessment Act 1997
Add up the amounts you can deduct for an income year (except * tax losses for earlier income years). 36-10(2)
Subtract your total assessable income. 36-10(3)
If you * derived * exempt income, also subtract your * net exempt income (worked out under section 36-20 ). 36-10(4)
Any amount remaining is your tax loss for the income year, which is called a loss year .
Some deductions are limited so that they cannot contribute to a tax loss. See section 26-55 (Limit on certain deductions).
The meanings of tax loss and loss year are modified by section 36-55 for a corporate tax entity that has an amount of excess franking offsets.
For subsection (3), if you have *exempt income under section 51-100 (about shipping), disregard 90% of so much of your *net exempt income as directly relates to that exempt income.
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