Income Tax Assessment Act 1936
This section applies to a trust that:
(a) can deduct in the income year a tax loss from a loss year; and
(b) was a fixed trust at all times in the period (the test period ) from the beginning of the loss year until the end of the income year; and
(c) was not a widely held unit trust at all times in the test period; and
(d) was not an excepted trust at all times in the test period.
To find out the meaning of fixed trust : see section 272-65 .
To find out the meaning of widely held unit trust : see section 272-105 .
To find out the meaning of excepted trust : see section 272-100 .Condition for deducting tax loss 266-25(2)
The trust cannot deduct the tax loss unless it meets either: