Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-5
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CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 165
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Income tax consequences of changing ownership or control of a company
Subdivision 165-A
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Deducting tax losses of earlier income years
Operative provisions
SECTION 165-20
When company can deduct
part
of a tax loss
165-20(1)
If section 165-10 (which is about deducting a tax loss) prevents a company from deducting a *tax loss, the company can deduct the part of the tax loss that was incurred during a part of the loss year . 165-20(2)
However, the company can do this only if, assuming that part of the *loss year had been treated as the whole of the loss year for the purposes of section 165-10 , the company would have been entitled to deduct the *tax loss.
If section 165-10 (which is about deducting a tax loss) prevents a company from deducting a *tax loss, the company can deduct the part of the tax loss that was incurred during a part of the loss year . 165-20(2)
However, the company can do this only if, assuming that part of the *loss year had been treated as the whole of the loss year for the purposes of section 165-10 , the company would have been entitled to deduct the *tax loss.
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