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 175
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Use of a company
'
s tax losses or deductions to avoid income tax
Subdivision 175-CB
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Tax benefits from unused capital losses of the current year
This Subdivision sets out cases where the Commissioner may prevent a company, in working out its *net capital gain or *net capital loss for an income year, from applying all or part of a capital loss it made during the income year. This is called disallowing the capital loss or part.
SECTION 175-55
175-55
When Commissioner can disallow capital loss of current year
This Subdivision sets out cases where the Commissioner may prevent a company, in working out its *net capital gain or *net capital loss for an income year, from applying all or part of a capital loss it made during the income year. This is called disallowing the capital loss or part.
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