Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p1
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 1/50)
Character Range: 84948–87648

3                    A delegation by the Industry Secretary under former subsection 51AL(23)                                                A delegation by the Industry Secretary under section 34‑65

 (3) Subsection (2) does not limit the generality of subsection (1).

Division 35—Deferral of losses from non‑commercial business activities

Table of sections
35‑10 Deductions for certain new business investment
35‑20 Application of Commissioner's decisions

35‑10  Deductions for certain new business investment
  The rule in subsection 35‑10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if:
 (a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and
 (b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.

35‑20  Application of Commissioner's decisions
  A decision of the Commissioner made under section 35‑55 of the Income Tax Assessment Act 1997:
 (a) before the commencement of Schedule 2 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009; and
 (b) for one or more income years;
continues to have effect, after that commencement, for those income years despite the amendments made by that Schedule.

Division 36—Tax losses of earlier income years

Table of sections
36‑100 Tax losses for the 1997‑98 and later income years
36‑105 Tax losses for 1989‑90 to 1996‑97 income years
36‑110 Tax losses for 1957‑58 to 1988‑89 income years

36‑100  Tax losses for the 1997‑98 and later income years
  To work out your tax loss (if any) for the 1997‑98 income year or a later income year, apply the provisions of the Income Tax Assessment Act 1997 about tax losses.
Start at Division 36 of that Act.

36‑105  Tax losses for 1989‑90 to 1996‑97 income years
 (1) If you incurred a loss for the purposes of section 79E (General domestic losses of 1989‑90 to 1996‑97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989‑90 to 1996‑97 income years, the loss is your tax loss for that income year, which is called a loss year.
 (2) You can deduct the tax loss in the 1997‑98 or a later income year only to the extent that it has not already been deducted.

36‑110  Tax losses for 1957‑58 to 1988‑89 income years
 (1) If you incurred a loss for the purposes of section 80AA (Primary production losses of pre‑1990 years of income) of the Income Tax Assessment Act 1936 in any of the 1957‑58 to 1988‑89 income years, the loss is your tax loss for that income year, which is called a loss year. The loss is also called a primary production loss.
 (2) You can deduct the tax