Tax Laws Amendment (2009 Measures No. 1) Act 2009 (27 of 2009)
Schedule 3 Reforms to income tests
Part 1 Key concepts
Income Tax Assessment Act 1997
10 Subsection 995-1(1)
Insert:
total net investment loss of an individual for an income year means the sum of:
(a) the amount (if any) by which the individuals deductions for the income year that are attributable to *financial investments exceed the individuals gross income for that year from those investments; and
(b) the amount (if any) by which the individuals deductions for the income year that are attributable to rental property exceed the individuals gross income for that year from rental property.