House of Representatives
Taxation Laws Amendment Bill (No. 8) 1999
Supplementary Explanatory Memorandum
Amendments to be moved on behalf of the Government (Circulated by authority of the Treasurer, the Hon Peter Costello, MP)This in the only year of income which a company would seek to rely on the concessional tracing rules for the carry forward of net capital loss rules in the ITAA 1936.
Application rules for the purpose of the net capital loss rules contained in the ITAA 1936 are not necessary. This is because by operation of the law the rules only apply to a net capital loss incurred in the 1996-97 income year applied against a net capital gain derived in the 1997-98 income year.