Income Tax Assessment Act 1997
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Hide history noteFor a *revenue asset:
(a) disposing of, ceasing to own, or otherwise realising, the asset is a realisation event ; and
(b) a loss is realised for income tax purposes by the *realisation event if, and only if, there is a loss on the event; and
(c) a gain is realised for income tax purposes by the realisation event if, and only if, there is a profit on the event; and
(d) the loss or profit on the event is the loss or gain realised for income tax purposes; and
(e) if a provision of this Act reduces the loss or gain that would, apart from that provision, be realised for income tax purposes by the event, the loss or profit to be taken into account in calculating your assessable income or *tax loss is reduced by the same amount.
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