Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 2   Amendment of the Income Tax Assessment Act 1936: forgiveness of commercial debts

Part 2   Consequential amendments

45   Subsection 160AFD(2) (definition of Total loss)

Repeal the definition, substitute:

Total loss means the amount of the loss, or the sum of the amounts of the losses, less the total of any amounts by which the loss or sum is taken to be reduced under Subdivision 245-E of Schedule 2C in its application to the particular year of income or any previous year of income.

46

Paragraph 160Z(1)(b)

After "excess", insert "(less any amount by which that loss is reduced under subparagraph 245-90(2)(b)(i) of Schedule 2C).".