New Business Tax System (Integrity and Other Measures) Act 1999 (Incorporating amendments up to Act No. 78 of 2001) (169 of 1999)

Schedule 5   Transfers of losses within wholly-owned company groups

Income Tax (Transitional Provisions) Act 1997

14   At the end of Division 170

Add:

Subdivision 170-C - Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies

170-220 Direct and indirect interests in the loss company

Any reduction in the cost base and reduced cost base of a share or in the reduced cost base of a debt that has been made or is required to be made under subsection 160ZP(13) of the Income Tax Assessment Act 1936 (as that subsection applied from time to time) is taken to have been made or to be required to be made under section 170-220 of the Income Tax Assessment Act 1997.

170-225 Direct and indirect interests in the gain company

Any increase in the cost base and reduced cost base of a share or debt that has been made or is authorised to be made under subsections 160ZP(14) and (15) of the Income Tax Assessment Act 1936 (as those subsections applied from time to time) is taken to have been made or to be authorised to be made under section 170-225 of the Income Tax Assessment Act 1997.