Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 10/10)
Character Range: 801253–802414

but only to the extent that it does not exceed so much of the debt as the Commissioner is satisfied was taken into account in calculating the amount of the film loss.
 (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