Income Tax Assessment Act 1997
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Hide history noteSECTION 320-120 Capital losses from assets other than complying superannuation assets or segregated exempt assets 320-120(1)
This section applies to assets ( ordinary assets ) of a *life insurance company other than:
(a) *complying superannuation assets; or
(b) *segregated exempt assets.
320-120(2)
In working out a *life insurance company ' s *net capital gain or *net capital loss for the income year, *capital losses from ordinary assets can be used only to reduce *capital gains from ordinary assets.
320-120(3)
If some or all of a *capital loss from an ordinary asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company ' s *capital gains from ordinary assets exceed the company ' s capital losses (if any) from ordinary assets.
320-120(4)
If the company has 2 or more unapplied *net capital losses from ordinary assets, the company must apply them in the order in which they were made.
Note:
This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the ordinary class: see sections 320-139 and 320-143 .
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