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 170-70 (ARCHIVE) 170-70 AMENDMENT OF ASSESSMENTS
The Commissioner may amend an assessment to disallow a deduction for a transferred amount of a *tax loss:
(a) if the agreement to transfer the tax loss is ineffective because the *loss company did not actually incur the loss; or
(b) to the extent that section 170-65 reduces the transferred amount of a tax loss because the loss company did not actually incur some of it.
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 170-70 (ARCHIVE) 170-70 AMENDMENT OF ASSESSMENTS
The Commissioner may amend an assessment to disallow a deduction for a transferred amount of a *tax loss:
(a) if the agreement to transfer the tax loss is ineffective because the *loss company did not actually incur the loss; or
(b) to the extent that section 170-65 reduces the transferred amount of a tax loss because the loss company did not actually incur some of it.
The Commissioner may do so despite section 170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .
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