Tax Law Improvement Act (No. 1) 1998 (46 of 1998)
2 CGT (new Parts 3-1, 3-3 and 3-5)
3 Consequential amendment of the Income Tax Assessment Act 1936
177 Subsection 110(1)
Insert:
overall capital loss means:
(a) for the general fund class - the amount by which the total of the non-exempt ordinary capital gains for that class is less than the total of the ordinary capital losses for that class; or
(b) for the CS/RA class - the amount by which the total non-exempt modified capital gain for that class is less than the total modified capital loss for that class; or
(c) for any other class - the amount by which the total non-exempt ordinary capital gain for that class is less than the total ordinary capital loss for that class.
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