New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 26   Loss integrity rules: global method of valuing assets

Income Tax Assessment Act 1997

4   At the end of section 165-115ZD

Add:

If equity or debt is a revenue asset

(9) If the equity or debt is a *revenue asset at the time of the *realisation event, subsection (4) applies on the basis that the realised loss is the total of:

(a) the loss (if any) *realised for income tax purposes by the realisation event happening to the equity or debt in its character as a *CGT asset; and

(b) the loss (if any) realised for income tax purposes by the realisation event happening to the equity or debt in its character as a revenue asset.