INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 170 - Treatment of certain company groups for income tax purposes  

Subdivision 170-A - Transfer of tax losses within certain wholly-owned groups of companies  

Effect of transferring a tax loss

SECTION 170-20   Who can deduct transferred loss  

170-20(1)  


If an amount of a *tax loss is transferred, the *income company can deduct the amount in accordance with section 36-17 (which is about how to deduct a tax loss), but only for the income year of the income company for which the amount is transferred. That income year is called the deduction year .

170-20(2)  


The *loss company can no longer * utilise the transferred amount and is taken not to have incurred the *tax loss to the extent of that amount.

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