Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 8   Tax losses

Income Tax Assessment Act 1997

15   Subsection 170-45(1)

Repeal the subsection, substitute:

Loss company can only transfer what it cannot use itself

(1) The amount transferred cannot exceed the amount of the *loss company's *tax loss that, apart from the transfer, the loss company would carry forward to the next income year after deducting in the *deduction year the maximum amount of tax losses that the loss company can deduct under section 36-17.