Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Division 16E - Accruals assessability, etc., in respect of certain security payments

SECTION 159GU EFFECT OF DIVISION ON CERTAIN TRANSFER PROFITS AND LOSSES

159GU(1) [Profit on transfer of qualifying security]

Where, apart from this Division, a profit that is made by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would be included in the assessable income of the taxpayer of a year of income, the profit shall not be so included in the assessable income of the taxpayer.

159GU(2) [Loss on transfer of qualifying security]

Where, apart from this Division, a loss that is incurred by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would be allowable as a deduction from the assessable income of the taxpayer of a year of income and there is a net deductible amount, within the meaning of section 159GS , in relation to the transfer, so much only of the amount of the loss as exceeds the net deductible amount shall be so allowable as a deduction.

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