Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:4_80
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 4 cl 80
Character Range: 535174–535646

80  Before subsection 52(1A)
Insert:

 (1AA) This section does not apply to a loss arising in the 1997-98 year of income or a later year of income from the carrying on or carrying out of a profit-making undertaking or scheme, even if the undertaking or scheme was entered into, or began to be carried on or carried out, before the 1997-98 year of income.

Note: Section 25-40 (Loss from profit-making scheme) of the Income Tax Assessment Act 1997 deals with such a loss.