#### 35‑15 Modification if you have exempt income (1) The rule in subsection 35‑10(2) may be modified for an income year if you \*derived \*exempt income in that year. (2) Any amount to which paragraph 35‑10(2)(b) would otherwise apply for an income year for you is reduced by your \*net exempt income for that year (after \*utilising the net exempt income under section 36‑10 or 36‑15 (about tax losses)). This reduction is made before you apply the paragraph 35‑10(2)(b) amount against assessable income from the \*business activity.

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Section 35‑15 Modification if you have exempt in - Income Tax Assessment Act 1997 - 35‑15 Modification if you have exempt income — Zoe