Income Tax Assessment Act 1997
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Hide history noteSECTION 245-130 Remaining total net forgiven amount is applied in reduction of net capital losses 245-130(1)
The *total net forgiven amount (if any) remaining after being applied under section 245-115 is applied, to the maximum extent possible, in reduction, in accordance with section 245-135 , of your *net capital losses (if any) specified in subsection (2).
245-130(2)
Those *net capital losses are your net capital losses for income years before the *forgiveness income year that you could apply in working out your *net capital gain for the forgiveness income year if you had enough capital gains.
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