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  

Conditions for transfer

SECTION 170-50   Transfer by written agreement  

170-50(1)  
The transfer must be made by a written agreement between the *loss company and the *income company.

170-50(2)  
The agreement must:


(a) specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and


(b) specify the amount of the *tax loss being transferred; and


(c) be signed by the public officer of each company; and


(d) be made on or before the day of lodgement of the *income company's *income tax return for the *deduction year, or within such further time as the Commissioner allows.

Note:

The agreement will usually be made in the next income year after the one for which the income company will deduct the loss.


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