New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 26 Loss integrity rules: global method of valuing assets
Income Tax Assessment Act 1997
4 At the end of section 165-115ZD
Add:
If equity or debt is a revenue asset
(9) If the equity or debt is a *revenue asset at the time of the *realisation event, subsection (4) applies on the basis that the realised loss is the total of:
(a) the loss (if any) *realised for income tax purposes by the realisation event happening to the equity or debt in its character as a *CGT asset; and
(b) the loss (if any) realised for income tax purposes by the realisation event happening to the equity or debt in its character as a revenue asset.
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