INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3D - Anti-avoidance measures for capital losses of companies  

SECTION 160ZNW   LOSS RESULTING FROM DISALLOWED DEDUCTIONS  

160ZNW(1)   [Taxable income resulting from disallowance]  

If a company has a taxable income for a year of income because the Commissioner disallows under this Division deductions of the company for the year of income (or parts of them), the company may also have a loss for the year of income.

160ZNW(2)   [Calculating loss]  

The company's loss for the income year is calculated as follows.

160ZNW(3)   [Total disallowances]  

Total what the Commissioner has disallowed under this Division.

160ZNW(4)   [Exempt income]  

If the company has exempt income for the year of income, subtract its net exempt income.

160ZNW(5)   [Remainder]  

Any amount remaining is the company's loss for the year of income.

Note:

For the allowance of the loss as a deduction in later years of income see subsection 50C(2) .