• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.160 How loss denial balance is applied to losses realised on assets in pool

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.160

How loss denial balance is applied to losses realised on assets in pool

  (1)   If, apart from this section, a loss would be * realised for income tax purposes by a * realisation event that happens to a * CGT asset when it is in a * loss denial pool of an entity, the loss is reduced by the lesser of:

  (a)   the amount of the loss; and

  (b)   the pool's * loss denial balance (as reduced by any previous reductions under section   715 - 130 or this subsection);

and the loss denial balance is reduced by the same amount.

  (2)   Subsection   (1) applies to * realisation events in the order in which they happen. If 2 or more happen at the same time, it applies to them in whichever order the entity determines.

  (3)   Subsection   (1) reduces a * loss denial balance after section   715 - 130 does, unless the * realisation event happens before the leaving time referred to in that section.

Download

No downloadable files available