Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p32
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 76961–79580

the company's other
assessable income under section 124ZZB.
Section 160ZO does not apply
  "124ZZ. Nothing is to be included in the company's assessable
income of the year of income under section 160ZO.
Allocation of gain amounts and loss amounts to classes of
assessable income
Disposals of SME investments
  "124ZZA. (1) If:
  (a) there is an ordinary 160Z gain amount, or an ordinary
160Z loss amount, in respect of a disposal of an SME investment
of the company; and
  (b) the company was a PDF at the time of the disposal;
the ordinary 160Z gain amount or ordinary 160Z loss amount, as
the case may be, is taken into account in determining the
overall 160Z gain or overall 160Z loss for the class known as
SME assessable income.
Disposals of assets other than SME investments
  "(2) If:
  (a) there is an ordinary 160Z gain amount, or an ordinary
160Z loss amount, in respect of a disposal of an asset of the
company; and
  (b) subsection (1) does not apply to the disposal;
the ordinary 160Z gain amount or the ordinary 160Z loss amount,
as the case may be, is taken into account in determining the
overall 160Z gain or overall 160Z loss for the class known as
other assessable income.
Assessable income etc. in relation to 160Z gain amounts
Assessable income after reduction of overall 160Z gain
  "124ZZB. (1) The assessable income of each class includes the
amount (if any) that is left over after the overall 160Z gain
for that class has been reduced in accordance with this
section.
Reduction - overall 160Z loss
  "(2) If there is an overall 160Z loss for a particular class
of assessable income, the loss is to be applied in reduction of
overall 160Z gains for the remaining class.
Reduction - prior year Part IIIA loss
  "(3) Any prior year Part IIIA loss for the immediately
preceding year of income is to be applied in reduction of
residual overall 160Z gains for the classes of assessable
income in the following order:
  (a) SME assessable income;
  (b) other assessable income.
References to section 160ZO
  "124ZZC. A reference in section 51AAA to an amount included
in assessable income under section 160ZO includes a reference
to an amount included in assessable income under subsection
124ZZB(1).
Net capital loss not to be incurred
  "124ZZD. For the purposes of Part IIIA, the company is taken
not to have incurred any net capital loss in respect of the
year of income under section 160ZC.".
  23. Application
The amendments made by this Part apply to assessments in
respect of income of the 1994-95 year of income and of all
later years of income.

TAXATION LAWS AMENDMENT ACT (No. 4) 1994 No.