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 individual’s deductions for the income year that are attributable to *financial investments exceed the individual’s gross income for that year from those investments; and

(b) the amount (if any) by which the individual’s deductions for the income year that are attributable to rental property exceed the individual’s gross income for that year from rental property.