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
Effect of agreement to transfer more than can be transferred
SECTION 170-65 (ARCHIVE) AGREEMENT TRANSFERS AS MUCH AS CAN BE TRANSFERRED 170-65(1)
If the amount specified in an agreement exceeds the maximum amount that the *loss company can transfer to the *income company in the *transfer year, only that maximum amount is taken to have been transferred.
170-65(2)
One reason why an agreement might specify more than can be transferred is that an assessment has been amended since the agreement.
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 170-65 (ARCHIVE) AGREEMENT TRANSFERS AS MUCH AS CAN BE TRANSFERRED 170-65(1)
If the amount specified in an agreement exceeds the maximum amount that the *loss company can transfer to the *income company in the *transfer year, only that maximum amount is taken to have been transferred.
170-65(2)
One reason why an agreement might specify more than can be transferred is that an assessment has been amended since the agreement.
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