Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (96 of 2014)

Schedule 2   Loss carry back

Part 2   Consequential amendments

Income Tax Assessment Act 1997

19   Section 36-25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1)

Repeal the item, substitute:

1.

A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP.

Subdivision 195-B