Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 175 - Use of a company ' s tax losses or deductions to avoid income tax  

Subdivision 175-D - Common rules  

SECTION 175-100  

175-100   Commissioner may disallow excluded losses etc. of insolvent companies  

Despite a subsection listed in column 1, the Commissioner may, under a subsection listed in column 2, disallow some or all of an *excluded loss, deduction, or *capital loss, of a company (as the case requires) if:

(a)    the company is or becomes:

(i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or

(ii) an entity with a similar status under a *foreign law to a Chapter 5 body corporate; and

(b)    

the company is insolvent (within the meaning of section 9 of the Corporations Act 2001 ) when the company becomes an entity mentioned in subparagraph (a)(i) or (ii) .

Commissioner may disallow excluded losses etc. for insolvent companies
Item	Column 1	Column 2
	Despite this subsection...	the Commissioner may disallow under this subsection:
1	Subsection 175-10(2)	Subsection 175-10(1)
2	Subsection 175-15(2)	Subsection 175-15(1)
3	Subsection 175-20(2)	Subsection 175-20(1)
4	Subsection 175-25(2)	Subsection 175-25(1)
5	Subsection 175-30(4)	Subsection 175-30(1) or (2)
6	Subsection 175-45(2)	Subsection 175-45(1)
7	Subsection 175-50(2)	Subsection 175-50(1)
8	Subsection 175-60(2)	Subsection 175-60(1)
9	Subsection 175-65(2)	Subsection 175-65(1)
10	Subsection 175-70(4)	Subsection 175-70(1) or (2)
11	Subsection 175-85(2)	Subsection 175-85(1)
11	Subsection 175-90(2)	Subsection 175-90(1)