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 agreement to transfer more than can be transferred

SECTION 170-70   170-70   Amendment of assessments  


The Commissioner may amend an assessment to disallow a deduction for a transferred amount of a *tax loss:


(a) if the agreement to transfer the tax loss is ineffective because the *loss company did not actually incur the loss; or


(b) to the extent that section 170-65 reduces the transferred amount of a tax loss because the loss company did not actually incur some of it.

The Commissioner may do so despite section 170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .


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