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 124ZW  

124ZW   DEFINITIONS  

In this Subdivision:

accumulated net capital loss
for a year of income (the loss year ) means the amount (if any) by which the total of:

(a) the total of the overall capital losses for all classes of assessable income for the loss year; and

(b) any accumulated net capital loss for the last year of income before the loss year;

exceeds:

(c) the total of the overall capital gains for all classes of assessable income for the loss year (before section 116GB is applied).

class
, in relation to assessable income, means a class specified in section 124ZY .

company
does not include a company in a capacity of trustee.

non-CGT assessable income
means an amount included in assessable income otherwise than under Part 3-1 or 3-3 (about CGT) of the Income Tax Assessment Act 1997 or this Subdivision.

ordinary 160Z gain amount
(Repealed by No 46 of 1998)

ordinary 160Z loss amount
(Repealed by No 46 of 1998)

ordinary capital gain
for a CGT event means any capital gain that would (apart from this Subdivision) arise from the event.

ordinary capital loss
for a CGT event means any capital loss that would (apart from this Subdivision) arise from the event.

overall 160Z gain
(Repealed by No 46 of 1998)

overall 160Z loss
(Repealed by No 46 of 1998)

overall capital gain
for a class of assessable income means:

(a) the amount by which the total ordinary capital gain for that class exceeds the total ordinary capital loss for that class; or

(b) if an amount has been applied under subsection 124ZZB(2) to reduce an overall capital gain previously worked out under this definition - that gain as so reduced.

overall capital loss
for a class of assessable income means the amount by which the total ordinary capital gain for that class is less than the total ordinary capital loss for that class.

prior year Part IIIA loss
(Repealed by No 46 of 1998)

residual overall 160Z gain
(Repealed by No 46 of 1998)

residual overall capital gain
means so much of an overall capital gain as remains after applying subsection 124ZZB(2) .

SME assessable income
has the meaning given by Subdivision B.

SME investment
means an investment other than an unregulated investment.

total ordinary 160Z gain amount
(Repealed by No 46 of 1998)

total ordinary capital gain
for a class means the total of so much of any ordinary capital gains as has been allocated to that class under section 124ZZA .

total ordinary 160Z loss amount
(Repealed by No 46 of 1998)

total ordinary capital loss
for a class means the total of so much of any ordinary capital losses as has been allocated to that class under section 124ZZA .

unregulated investment
has the same meaning as in the Pooled Development Funds Act 1992 .