FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 (ARCHIVE)

SCHEDULE 1  

TAX LOSSES AND THE INCOME TAX ASSESSMENT ACT 1997

Subdivision 170-A - Transfer of tax losses from a transferring corporation to a receiving corporation  

Effect of transferring a tax loss

SECTION 170-10 (ARCHIVE)   WHEN A CORPORATION CAN TRANSFER A TAX LOSS  

170-10(1)    
A transferring corporation within the meaning of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 (the loss company ) can transfer an amount of its *tax loss for an income year of the loss company (the loss year ) to a receiving corporation within the meaning of that Act (the income company ) if the conditions in this Subdivision are met.

170-10(2)    
The amount transferred can be the whole or part of the *tax loss.

Note:

A PDF cannot transfer a tax loss, except one for a period before it became a PDF: see section 195-10 .

170-10(3)    
However, the *loss company cannot transfer so much of the *tax loss as the loss company has deducted, or can deduct, for an income year before the one in which the amount is transferred.