Income Tax Assessment Act 1936
SCHEDULE 2F
-
TRUST LOSSES AND OTHER DEDUCTIONS
Division 267
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Income tax consequences for non-fixed trusts of change in ownership or control
This section applies to a trust that:
(a) can deduct in the income year a tax loss from a loss year; and
(b) was a non-fixed trust at any time in the period (the test period ) from the beginning of the loss year until the end of the income year; and
(c) was not an excepted trust at all times in the test period.
The trust cannot deduct the tax loss unless it meets:•
the condition in subsection
267-30(2)
(if applicable); and
•
the condition in section
267-35
; and
•
the condition in subsection
267-40(2)
(if applicable); and
•
the condition in section
267-45
.
Subdivision 267-B
-
Deducting tax losses, and certain amounts in respect of debts, from earlier years
SECTION 267-20
NON-FIXED TRUST MAY BE DENIED TAX LOSS DEDUCTION
Type of trust to which this Subdivision applies
267-20(1)
This section applies to a trust that:
(a) can deduct in the income year a tax loss from a loss year; and
(b) was a non-fixed trust at any time in the period (the test period ) from the beginning of the loss year until the end of the income year; and
(c) was not an excepted trust at all times in the test period.
To find out the meaning of non-fixed trust : see section 272-70 .
To find out the meaning of excepted trust : see section 272-100 .
Conditions for deducting tax loss 267-20(2)The trust cannot deduct the tax loss unless it meets:
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