Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p17
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 17/18)
Character Range: 7637898–7640597

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 160‑10(2) (which is a step in calculating a loss carry back tax offset component).

Subdivision 960‑C—Foreign currency

Table of sections
960‑49 Objects of this Subdivision
960‑50 Translation of amounts into Australian currency
960‑55 Application of translation rules

960‑49  Objects of this Subdivision
  The objects of this Subdivision are as follows:
 (a) to set out a basic rule requiring an amount in a *foreign currency to be translated into an Australian dollar amount (the basic rule is subject to the functional currency rules in Subdivision 960‑D and to certain specific exclusions);
 (b) to ensure that the rules for identifying the exchange rate for the translation of a foreign currency amount into Australian dollars:
 (i) reflect an appropriate prevailing exchange rate; and
 (ii) take into account, as appropriate, commercial practices for the translation of foreign currency amounts into Australian dollars.

960‑50  Translation of amounts into Australian currency
 (1) For the purposes of this Act, an amount in a *foreign currency is to be translated into Australian currency.

Examples of an amount
 (2) The following are examples of an amount:
 (a) an amount of *ordinary income;
 (b) an amount of an expense;
 (c) an amount of an obligation;
 (d) an amount of a liability;
 (e) an amount of a receipt;
 (f) an amount of a payment;
 (g)