INCOME TAX ASSESSMENT ACT 1936 - SECT 159GU Effect of Division on certain transfer profits and losses
INCOME TAX ASSESSMENT ACT 1936 - SECT 159GU
Effect of Division on certain transfer profits and losses(1) Where, apart from this Division, a profit that is made by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would be included in the assessable income of the taxpayer of a year of income, the profit shall not be so included in the assessable income of the taxpayer.
(2) Where, apart from this Division, a loss that is incurred by
a resident taxpayer in relation to a transfer of a qualifying security that
does not form part of the trading stock of the taxpayer would be allowable as
a deduction from the assessable income of the taxpayer of a year of income and
there is a net deductible amount, within the meaning of section 159GS,
in relation to the transfer, so much only of the amount of the loss as exceeds
the net deductible amount shall be so allowable as a deduction.