Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

232   Subsection 159GZZT(1)

Repeal the subsection, substitute:

(1) A company cannot transfer under Subdivision 170-A of the Income Tax Assessment Act 1997 so much of a tax loss as is attributable to an amount of deemed gold exploration or prospecting expenditure unless that company, and the income company referred to in that Subdivision, were members of the same wholly-owned group (within the meaning of that Act) during the whole or part of each of the following years of income when the companies were in existence (within the meaning of that Act):

(a) the year of income in which the eligible gold exploration or prospecting expenditure that gave rise to that deemed gold exploration or prospecting expenditure was incurred;

(b) each later year of income before the loss year referred to in that Subdivision.