INCOME TAX ASSESSMENT ACT 1997 - SECT 245.120 Allocation of total net forgiven amount in respect of tax losses

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.120

  (1)   You may choose:

  (a)   the order in which your * tax losses are reduced; and

  (b)   the amount applied to reduce each of those losses;

so long as the * total net forgiven amount is applied, to the maximum extent possible, in reduction of those losses.

  (2)   If you do not make a choice for the purposes of subsection   (1), the Commissioner may make the choice on your behalf in a reasonable way.