Document ID: chunk:federal_register_of_legislation:C2011C00519:clause:10_63
Version: federal_register_of_legislation:C2011C00519
Segment Type: clause
Provision Reference: sch 10 cl 63
Character Range: 267987–269022

63  At the end of section 36‑40
Add:

 (3) A film loss is the *film component (if any) of a *tax loss.

 (4) Your *tax loss for an income year has a film component if your *film deductions for the year exceed the sum of:
 (a) your *assessable film income for the year; and
 (b) your *net exempt film income for the year.
The amount of the film component is the excess or the tax loss, whichever is lesser.

 (5) However, if your *tax loss worked out under a provision listed in the table, the film component is what that tax loss would have been if:
 (a) your *film deductions for the *loss year had been your only deductions; and
 (b) your *assessable film income for the loss year had been your only assessable income; and
 (c) your *net exempt film income for the loss year had been your only *net exempt income.
However, the film component cannot exceed the actual tax loss.

Working out film component of tax loss
Item                                    Provision                                                    Type of entity