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
SECTION 170-1 (ARCHIVE)
WHAT THIS SUBDIVISION IS ABOUT
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 .
A transferring corporation (within the meaning of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 ) can transfer a tax loss to a receiving corporation (within the meaning of that Act) so that the receiving corporation can deduct it. The corporations must be related in such a way that that Act would apply to a transfer of assets from the transferring corporation to the receiving corporation.
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