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
217 Subsection 116CD(8)
Repeal the subsection, substitute:
(8) A life assurance company cannot make a net capital loss for a year of income, despite section 102-10 of the Income Tax Assessment Act 1997.
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