INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
If a company has a taxable income for the 1996-97 year of income or an earlier year of income because of paragraph (c) of the definition of
, this section applies for the purposes of section
despite subsections 79E(1) and (2).
To work out whether a PDF can deduct a tax loss in the 1997-98 year of income or a later year of income: see Subdivision 195-A of the Income Tax Assessment Act 1997 .
(a) the period beginning at the start of that year of income and ending immediately before the company became a PDF were a year of income of the company; and
(b) the period ( ``the PDF notional year'' ) beginning when the company became a PDF and ending at the end of the first-mentioned year of income were a year of income of the company;
the company would be taken because of section 79E to incur in the PDF notional year.