Income Tax Assessment Act 1997
SECTION 36-45 Limit on deductions for amounts paid
Tax losses generally
36-45(1)
The total of your deductions under subsection 36-40(1) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * tax loss reduced by the sum of:
(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and
(b) any amounts of the tax loss * utilised in earlier income years; and
(c) any amounts of the tax loss that, apart from section 36-35, would have been deductible from your * net exempt income for the income year or earlier income years.
View history note
Hide history noteFilm losses
36-45(2)
The total of your deductions under subsection 36-40(2) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * film loss reduced by the sum of:
(a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and
(b) any amounts of the film loss deducted in earlier income years; and
(c) any amounts of the film loss that, apart from section 36-35, would have been deductible from your * net exempt film income for the income year or earlier income years.
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