Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 14   Gains and losses

Part 2   Income Tax Assessment Act 1936 (capital gains and capital losses)

33   Subparagraph 160ZP(7AAA)(b)(i)

Repeal the subparagraph, substitute:

(i) if the gain year is the same year of income as the loss year, the gain company is not required to calculate a net capital gain or net capital loss under Division 3A in respect of the gain year and the gain company is not required to calculate a net capital loss under Division 3D in respect of the gain year - a capital loss incurred by the gain company during the gain year; or