(1) Where, in relation to any year of income, the amount, as determined by the Comptroller by which the deductions allowable to any person under Division 2 of Part 5 exceed the assessable income against which such deductions may be allowed the Comptroller shall make a determination of such excess (referred to in this Act as “the assessed loss”).
(2) The determination of the assessed loss of any person under subsection (1) shall constitute the making of an assessment by the Comptroller and shall be notified in writing to the person assessed and the provisions of this Act other than sections 103 and 104 shall apply as if such determination were the determination of the amount of the assessable income of such person for such year of income.