Income Tax (Transitional Provisions) Act 1997
In working out whether you have a net capital gain for the 1998-99 income year, the amount of any net capital loss for the 1997-98 income year or an earlier income year must be worked out under the Income Tax Assessment Act 1936 . 102-15(2)
If you had a net capital loss for the 1997-98 income year, or some unapplied net capital loss for either of the 2 preceding income years, under former Part IIIA of the Income Tax Assessment Act 1936 , it can be carried forward to a later income year to be applied under the Income Tax Assessment Act 1997 .
The way in which capital losses can be applied may be affected by other provisions: see section 102-30 of the Income Tax Assessment Act 1997 .
If you had a net listed personal-use asset loss for the 1997-98 income year under former Part IIIA of the Income Tax Assessment Act 1936 , it is taken for the purposes of the Income Tax Assessment Act 1997 to be a net capital loss from collectables for that income year.
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