Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

69   After section 79D

Insert:

79DA Tax losses not deductible from foreign income unless taxpayer so elects

(1) A tax loss is not allowable as a deduction from a taxpayer’s assessable foreign income (as defined in section 160AFD) of the year of income, except so far as the taxpayer so elects.

(2) An election must be made on or before the day of lodgment of the taxpayer’s return of income for the year of income, or within such further period as the Commissioner allows.