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

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

77   Before subsection 80G(1)

Insert:

(1A) The right to a deduction for an amount of a loss cannot be transferred under this section in the 1997-98 year of income or a later year of income.

Note: To work out whether a company can transfer its tax loss to another company in the 1997-98 year of income or a later year of income: see Subdivision 170-A of the Income Tax Assessment Act 1997.