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

222   Subsection 116E(1)

Insert:

accumulated net capital loss for a year of income (the loss year) means the amount (if any) by which the total of:

(a) the total of the overall capital losses for all classes of assessable income for the loss year; and

(b) any accumulated net capital loss for the last year of income before the loss year;

exceeds:

(c) the total of the overall capital gains for all classes of assessable income for the loss year (before section 116GB is applied).