Income Tax Assessment Act 1936
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
Division 266
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Income tax consequences for fixed trusts of abnormal trading or change in ownership
•
cannot deduct a tax loss from an earlier income year; or
•
has to work out its net income and tax loss for the income year in a special way; or
•
cannot deduct certain amounts in respect of debts incurred in the same year or earlier income years;
•
there was no abnormal trading; or
•
there was abnormal trading, but the trust
'
s ownership and business did not change.
Subdivision 266-D
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Effect of abnormal trading on listed widely held trust
SECTION 266-100
WHAT THIS SUBDIVISION IS ABOUT
A listed widely held trust:
unless either:
Also, it may still be prevented from deducting the tax loss to the extent that it is attributable to certain debt deductions.
Note:
The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415-25 and 415-30 of the Income Tax Assessment Act 1997 .
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