Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 266 - Income tax consequences for fixed trusts of abnormal trading or change in ownership  

Subdivision 266-B - Effect of change in ownership of fixed trust  

SECTION 266-15   WHAT THIS SUBDIVISION IS ABOUT  


An ordinary fixed trust:

  • · 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 income year or an earlier income year;
  • unless there has been continuity of ownership throughout a particular period or an exception relating to holdings by non-fixed trusts applies.

    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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