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

Schedule 3   Amendments of other Acts

AUSSAT Repeal Act 1991

2   After subsection 8(2)

Insert:

(2A) AUSSAT cannot deduct from its assessable income for the 1997-98 income year or a later income year, a tax loss (or a part of a tax loss) incurred in an income year ending at or before the transition.

(2B) This section has effect despite anything in the Income Tax Assessment Act 1997, in particular, Division 36 of that Act.