Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p15
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 15/48)
Character Range: 265924–268375

In working out whether you have a net capital gain for the 1998‑99 income year, the amount of any net capital loss for the 1997‑98 income year or an earlier income year must be worked out under the Income Tax Assessment Act 1936.
 (2) If you had a net capital loss for the 1997‑98 income year, or some unapplied net capital loss for either of the 2 preceding income years, under former Part IIIA of the Income Tax Assessment Act 1936, it can be carried forward to a later income year to be applied under the Income Tax Assessment Act 1997.
Note: The way in which capital losses can be applied may be affected by other provisions: see section 102‑30 of the Income Tax Assessment Act 1997.
 (3) If you had a net listed personal‑use asset loss for the 1997‑98 income year under former Part IIIA of the Income Tax Assessment Act 1936, it is taken for the purposes of the Income Tax Assessment Act 1997 to be a net capital loss from collectables for that income year.

102‑20  Net capital gains, capital gains and capital losses for income years before 1998‑99
  For the 1997‑98 income year or an earlier income year:
capital gain has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936.
capital loss has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936.
net capital gain has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936.

102‑25  Transitional capital gains tax provisions for certain Cocos (Keeling) Islands and Norfolk Island assets
 (1) If:
 (a) an entity was a prescribed person (within the meaning of former Division 1A of Part III of the Income Tax Assessment Act 1936) because of residence in the Territory of Cocos (Keeling) Islands on or before 30 June 1991; and
 (b) the entity acquired a CGT asset on or before that day; and
 (c) the asset is not a pre‑CGT asset; and
 (d) had a CGT event happened in relation to the asset immediately before 1 July 1991, and had the Income Tax Assessment Act 1997 been in force at the time of the event, any capital gain or capital loss from the event would have been disregarded because the entity was a prescribed person;
then, for the purposes of Parts 3‑1 and 3‑3 of the Income Tax Assessment Act 1997:
 (e) the asset is taken to have been acquired by the entity on 30 June 1991; and
 (f) the first element of the asset's cost base in the hands of the entity (at the end of that day) is its market value at that time.
Note: A