New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 13 Consolidation: MEC groups and losses
Part 2 Related amendments
Income Tax Assessment Act 1997
2 Subsection 707-210(1)
Repeal the subsection, substitute:
(1) This section has effect for the purposes of working out whether a company (the latest transferee ) can *utilise for an income year a loss it made because of a *COT transfer from a company (the latest transferor ).
(1A) A transfer of a loss under Subdivision 707-A from a company to a company is a COT transfer of the loss if the transfer occurs because:
(a) the transferor meets the conditions in section 165-12; and
(b) the conditions in one or more of paragraphs 165-15(1)(a), (b) and (c) do not exist in relation to the transferor.