INCOME TAX ASSESSMENT ACT 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

Division 267 - Income tax consequences for non-fixed trusts of change in ownership or control  

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:

  • · 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 .

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