35‑15 Modification if you have exempt in35‑15 Modification if you have exempt income

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.