Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 977 - Realisation events, and the gains and losses they realise for income tax purposes  

CGT assets  

SECTION 977-10   Loss realised for income tax purposes  

977-10(1)    
A loss is realised for income tax purposes by a *realisation event that happens to a *CGT asset if, and only if, an entity makes a *capital loss from the event. That capital loss is the loss realised by the event.

977-10(2)    
If a provision of this Act reduces the loss that would, apart from that provision, be *realised for income tax purposes by the event, the *capital loss is reduced by the same amount.