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  

Conditions for transfer

SECTION 170-28 (ARCHIVE)  

170-28   FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 MUST APPLY TO ASSET TRANSFER FROM LOSS COMPANY TO INCOME COMPANY  
If it were assumed that:

(a) an asset (within the meaning of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993) had been transferred by the *loss company to the *income company on the last day of a particular income year of the *loss company (the notional transfer year ); and

(b) the requirements of paragraphs 7(6) (a) and (b) of that Act were satisfied in relation to that transfer;

then it must be the case that that Act would have applied to that transfer.