Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 6/10)
Character Range: 789781–792528

least one of the following amounts is recalculated after an entity has lodged its *income tax return for an income year:
 (a) the amount of a *tax loss that the entity can *utilise in that year;
 (b) the amount of the difference between the entity's total assessable income for that year and the entity's total deductions (other than *tax losses) for that year;
 (c) the amount of the entity's *net exempt income for that year;
whether or not the amount is recalculated in an amendment of the entity's assessment for that year, and whether or not the amount was a nil amount before the recalculation (or has become a nil amount after the recalculation).
 (11) If:
 (a) before the recalculation, a choice under subsection (2) or (3) for the income year was not available to the entity; but
 (b) as a result of the recalculation, the choice has (apart from subsection (6)) become available to the entity;
the entity can make that choice by written notice given to the Commissioner.
 (12) If:
 (a) the entity made a choice under subsection (2) or (3) for the income year; but
 (b) as a result of the recalculation, the entity wishes to change that choice;
the entity can do so by written notice given to the Commissioner.
 (13) Subsections (10) to (12) have effect subject to section 170 of the Income Tax Assessment Act 1936 (about amendment of assessments).

36‑20  Net exempt income
 (1) If you are an Australian resident, your net exempt income is the amount by which your total *exempt income from all sources exceeds the total of:
 (a) the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and
 (b) any taxes payable outside Australia on that exempt income.
 (2) If you are a foreign resident, your net exempt income is the amount (if any) by which the total of:
 (a) your *exempt income *derived from sources in Australia; and
 (b) your exempt income to which section 26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies;
exceeds the total of:
 (c) the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph (a) or (b); and
 (d) any taxes payable outside Australia on income covered by paragraph (b).

36‑25  Special rules about tax losses

Tax losses of individuals

Item  For the special rules about this situation ...                                                                                                      See:
1.    You go bankrupt, or you are released from debts under a bankruptcy law: your right to deduct tax losses of an earlier income year may be affected.  Subdivision 36‑B

Tax losses of companies

Item  For the special rules about this situation