Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 (133 of 2009)
Schedule 2 Non-commercial losses
Income Tax Assessment Act 1997
3 Subsection 35-10(2) (note)
Repeal the note, substitute:
Note 1: There are modifications of this rule if you have exempt income (see section 35-15) or you become bankrupt (see section 35-20).
Note 2: This rule does not apply if your excess is solely due to deductions under Division 41 (see section 35-10 of the Income Tax (Transitional Provisions) Act 1997).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
