Document ID: chunk:federal_register_of_legislation:C2014C00672:clause:6_34
Version: federal_register_of_legislation:C2014C00672
Segment Type: clause
Provision Reference: sch 6 cl 34
Character Range: 72382–74046

34  Before Subdivision 960‑C
Insert:

Subdivision 960‑B—Utilisation of tax attributes

Table of sections
960‑20 Utilisation

960‑20  Utilisation
 (1) None of the following can be *utilised, to the extent it has already been utilised:
 (a) a *tax loss;
 (b) a *net capital loss;
 (c) *net exempt income.

Utilisation of losses
 (2) A *tax loss is utilised to the extent that:
 (a) it is deducted from an amount of assessable income or *net exempt income; or
 (b) it is reduced by applying a *total net forgiven amount; or
 (c) it is *carried back.
 (3) A *net capital loss is utilised to the extent that:
 (a) it is applied to reduce an amount of *capital gains; or
 (b) it is reduced by applying a *total net forgiven amount.

Utilisation of net exempt income
 (4) *Net exempt income for an income year is utilised to the extent that:
 (a) it is subtracted:
 (i) from deductions; or
 (ii) under subsection 268‑60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165‑70(4) or 175‑35(4) of this Act;
  in determining a *tax loss for the income year; or
 (b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or
 (c) because of it, an amount is reduced under subsection 35‑15(2) (about deferral of deductions from non‑commercial business activities); or
 (d) because of it, a quarantined amount is reduced under subsection 26‑47(8); or
 (e) it is reduced under subsection 65‑35(3) because of a *tax offset carried forward; or
 (f) because of it, an amount is reduced under step 2 of the method statement in subsection 160‑15(2) (which is a step in calculating a loss carry back tax offset component).