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-C - Effect of change in ownership of unlisted widely held trust  

SECTION 266-65   WHAT THIS SUBDIVISION IS ABOUT  


An unlisted widely held 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;
  • unless its ownership has been the same after any abnormal trading in its units and at the end of income years, during a certain period.

    Note:

    The exception mentioned in this section applies 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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