Income Tax Assessment Act 1997
Your * tax loss for a * loss year is deducted in a later income year as follows if you are not a * corporate tax entity at any time during the later income year.
Note 1:
See section 36-17 for the deduction of a tax loss of an entity that is a corporate tax entity at any time during the later income year.
Note 2:
A tax loss can be deducted only to the extent that it has not already been utilised: see subsection 960-20(1) .
View history note
Hide history noteIf you have no net exempt income
36-15(2)
If your total assessable income for the later income year exceeds your total deductions (other than * tax losses), you deduct the tax loss from that excess.
If you have net exempt income
36-15(3)
If you have * net exempt income for the later income year and your total assessable income (if any) for the later income year exceeds your total deductions (except * tax losses), you deduct the tax loss:
(a) first, from your net exempt income; and
(b) secondly, from the part of your total assessable income that exceeds those deductions.
36-15(4)
However, if you have * net exempt income for the later income year and those deductions exceed your total assessable income, then:
(a) subtract that excess from your net exempt income; and
(b) deduct the tax loss from any net exempt income that remains.
To work out your net exempt income: see section 36-20 .
General
36-15(5)
If you have 2 or more * tax losses, you deduct them in the order in which you incurred them.
36-15(6)
(Repealed by No 88 of 2013)
36-15(7)
(Repealed by No 88 of 2013)
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