INCOME TAX ASSESSMENT ACT 1997 - SECT 245.115 Total net forgiven amount is applied in reduction of tax losses
INCOME TAX ASSESSMENT ACT 1997 - SECT 245.115
Total net forgiven amount is applied in reduction of tax lossesThe * total net forgiven amount is applied first, to the maximum extent possible, in reduction, in accordance with section 245 - 120, of your * tax losses (if any) for any income years, if the tax losses could, if you had enough assessable income, be deducted in:
(a) the * forgiveness income year; or
(b) a later income year.