Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 6   Consolidation

Part 5   Insurance companies

Income Tax (Transitional Provisions) Act 1997

34   At the end of Subdivision 707-C


707-355 Ignore certain losses in working out when a choice can be made under this Subdivision

In working out when a choice may be made under subsection 707-325(5), 707-327(5), 707-328A(4) or 707-350(5), ignore losses to which section 713-535 of the Income Tax Assessment Act 1997 applies.

Note: That section deals with losses transferred under Subdivision 707-A of that Act from certain wholly-owned subsidiaries of life insurance companies that are members of a consolidated group.