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 170-50 (ARCHIVE)   TRANSFER BY WRITTEN AGREEMENT  

170-50(1)    
The transfer must be made by a written agreement between the *loss company and the *income company.

170-50(2)    
The agreement must:

(a) specify the *transfer year (which may be earlier than the income year in which the agreement is made); and

(b) specify the amount of the *tax loss being transferred; and

(c) be signed by the public officer of each company; and

(d) be made on or before the day of lodgment of the *income company's *income tax return for the *transfer year, or within such further time as the Commissioner allows.

Note:

The agreement will usually be made in the next income year after the one in which the tax loss is transferred.