Tax Law Improvement Act 1997 (121 of 1997)

Schedule 12   Miscellaneous

Part 2   Amendment of the Income Tax Assessment Act 1936

16   Section 245-110 of Schedule 2C (definition of table of deductible revenue losses)

Repeal the table, substitute:

Table of deductible revenue losses



Item

Column 1
General description
of losses

Column 2
Provision under which loss is deductible

1

Tax losses

Section 36-15 of the Income Tax Assessment Act 1997

2

Foreign losses of pre-1990 years of income

Subsection 160AFD(1)

3

Foreign losses of post-1989 years of income

Subsection 160AFD(2)

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