Income Tax Assessment Act 1997
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Hide history noteSECTION 245-115 245-115 Total net forgiven amount is applied in reduction of tax losses
The *total net forgiven amount is applied first, to the maximum extent possible, in reduction, in accordance with section 245-120 , of your *tax losses (if any) for any income years, if the tax losses could, if you had enough assessable income, be deducted in:
(a) the *forgiveness income year; or
(b) a later income year.
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