Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 35 - Deferral of losses from non-commercial business activities  

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History

Div 35 inserted by No 90 of 2000.

Operative provisions  

SECTION 35-15   Modification if you have exempt income  

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35-15(1)    

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The rule in subsection 35-10(2) may be modified for an income year if you ^* derived ^* exempt income in that year.

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S 35-15(1) amended by No 32 of 2006, s 3 and Sch 2 item 7, by substituting " subsection 35-10(2) " for " section 35-10 " , applicable to expenditure incurred on or after 1 July 2005.

35-15(2)    

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Any amount to which paragraph 35-10(2)(b) would otherwise apply for an income year for you is reduced by your * net exempt income for that year (after * utilising the net exempt income under section 36-10 or 36-15 (about tax losses)). This reduction is made before you apply the paragraph 35-10(2)(b) amount against assessable income from the ^* business activity.

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History

S 35-15(2) amended by No 88 of 2013, s 3 and Sch 6 item 5, by substituting " your * net exempt income for that year (after * utilising the net exempt income under section 36-10 or 36-15 (about tax losses)) " for " so much of your * net exempt income as is not applied for that income year under section 36-10 or 36-15 (about tax losses) " , effective 29 June 2013.

S 35-15 inserted by No 90 of 2000.

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