FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 (ARCHIVE)
SCHEDULE 2
Effect of transferring a net capital loss
SECTION 170-120 (ARCHIVE)
GAIN COMPANY IS TAKEN TO HAVE MADE TRANSFERRED LOSS
170-120(1)
If an amount of a *net capital loss is transferred, the amount is taken to be a *net capital loss of the gain company for the capital loss year.
170-120(2)
However, if the capital loss year is the same as the application year, the amount is taken to be a *capital loss of the gain company for the application year.
NET CAPITAL LOSSES AND THE INCOME TAX ASSESSMENT ACT 1997
Part 1 - Replacement of sections 170-110 to 170-145
View history note
Hide history noteIf an amount of a *net capital loss is transferred, the amount is taken to be a *net capital loss of the gain company for the capital loss year.
170-120(2)
However, if the capital loss year is the same as the application year, the amount is taken to be a *capital loss of the gain company for the application year.
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