Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1992No. 98, 1992 - SECT 19

19. Section 160ZP of the Principal Act is amended by inserting before
subsection (10) the following subsections:

"(9B) If the loss company was a PDF throughout the last day of the loss year,
no part of the net capital loss incurred by that company in respect of that
year can be specified in a notice under paragraph (7)(c).

"(9C) However, subsection (9B) does not apply to so much of the net capital
loss as does not exceed the amount (if any) by which the total of:

   (a)  if the loss company is taken to have incurred a net capital loss in
        respect of the last year of income before the year of income at the
        start of which, or during which, it became a PDF - that net capital
        loss; and

   (b)  if the loss company incurred a capital loss or capital losses after
        that last year of income and before it became a PDF - that capital
        loss or those capital losses; exceeds:

   (c)  if a capital gain or capital gains accrued to the loss company after
        that last year of income and before the end of the loss year - that
        capital gain or the total of those capital gains; or

   (d)  otherwise - a nil amount.".