FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 (ARCHIVE)
SCHEDULE 1
Subdivision 170-A
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Transfer of tax losses from a transferring corporation to a receiving corporation
Conditions for transfer
SECTION 170-55 (ARCHIVE) LOSSES MUST BE TRANSFERRED IN ORDER THEY ARE INCURRED 170-55(1)
If the *loss company has 2 or more *tax losses (other than *film losses) that it can transfer in the *transfer year, it can transfer them only in the order in which it incurred them.
170-55(2)
If the *loss company has 2 or more *film losses that it can transfer in the *transfer year, it can transfer them only in the order in which it incurred them.
TAX LOSSES AND THE INCOME TAX ASSESSMENT ACT 1997
*To find definitions of asterisked terms, see the Dictionary, starting at section 995-1 of the Income Tax Assessment Act 1997 .
SECTION 170-55 (ARCHIVE) LOSSES MUST BE TRANSFERRED IN ORDER THEY ARE INCURRED 170-55(1)
If the *loss company has 2 or more *tax losses (other than *film losses) that it can transfer in the *transfer year, it can transfer them only in the order in which it incurred them.
170-55(2)
If the *loss company has 2 or more *film losses that it can transfer in the *transfer year, it can transfer them only in the order in which it incurred them.
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