Document ID: chunk:federal_register_of_legislation:C2019A00104:clause:2_7a
Version: federal_register_of_legislation:C2019A00104
Segment Type: clause
Provision Reference: sch 2 cl 7A
Character Range: 6495–7191

7A  Limits on use of loss
 (1) The total amount of the loss used to reduce the ordinary incomes of the person, and the person's partner (if any), must not exceed $100,000.
Example: If the person has a partner, and the ordinary income of the person has been reduced by $60,000, the ordinary income of the person's partner must not be reduced by more than $40,000.
 (2) Neither the person's, nor the person's partner's, ordinary income may be reduced below zero.

Farm businesses carried on with other persons
 (3) If the farm business is carried on with other persons, the other persons' portions of the loss must not be used to reduce the ordinary incomes of the persons mentioned in section 7.