Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 10E - PDFs (pooled development funds)  

Subdivision C - Adjustments of the tax treatment of capital gains and capital losses of PDFs  

SECTION 124ZZB   ASSESSABLE INCOME ETC. IN RELATION TO CAPITAL GAINS  

124ZZB(1)   [Income includes residual amount]  

The assessable income of each class includes the amount (if any) that is left over after the overall capital gain for that class has been reduced in accordance with this section.

124ZZB(2)   [Application of overall capital loss]  

If there is an overall capital loss for a particular class of assessable income, the loss is to be applied in reduction of overall capital gains for the remaining class.

124ZZB(3)   [Application of accumulated net capital loss]  

Any accumulated net capital loss for the immediately preceding year of income is to be applied in reduction of residual overall capital gains for the classes of assessable income in the following order:

(a) SME assessable income;

(b) other assessable income.