Taxation Laws Amendment Act (No. 3) 2002 (97 of 2002)

Schedule 1   Goods and services tax

Part 3   Income tax-related transactions

A New Tax System (Goods and Services Tax) Act 1999

11   After Division 108

Insert:

Division 110 - Income tax-related transactions

110-1 What this Division is about

Some transactions that relate to aspects of income tax are outside the GST system.

110-5 Transfers of tax losses and net capital losses

(1) A supply is not a *taxable supply if the supply is:

(a) the transfer of a *tax loss in accordance with Subdivision 170-A of the *ITAA 1997; or

(b) the transfer of a *net capital loss in accordance with Subdivision 170-B of the ITAA 1997.

(2) This section has effect despite section 9-5 (which is about what are taxable supplies).

110-10 Transfers of excess foreign tax credits

(1) A supply is not a *taxable supply if:

(a) the supply is the transfer of an initial excess credit, or an opening excess credit balance, referred to in paragraph 160AFE(1D)(c) of the *ITAA 1936; and

(b) the transfer is in accordance with section 160AFE of the ITAA 1936.

(2) This section has effect despite section 9-5 (which is about what are taxable supplies).