INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 415 - Designated infrastructure projects  

Subdivision 415-B - Tax losses and bad debts  

Change of ownership of trusts and companies

SECTION 415-25   Tax losses of trusts  

Scope

415-25(1)  
This section applies to a * tax loss of a * trust if the trust is a * designated infrastructure project entity at a time (the status time ) in the * loss year. Modifications of Schedule 2F to the Income Tax Assessment Act 1936

415-25(2)  
Despite paragraph 266-25(1)(b) , 266-30(a) , 266-75(1)(b) or (2)(b) , 266-80(1)(a) or (2)(a) , 266-110(1)(b) , 266-115(a) , 266-150(2)(a) , 266-155(2)(a) , 267-20(1)(b) or 267-60(a) in Schedule 2F to the Income Tax Assessment Act 1936 , for the purposes of sections 266-40 and 266-45 , section 266-90 , subsections 266-125(1) and (2) , subsections 266-165(1) and (2) , sections 267-40 and 267-45 or sections 267-70 and 267-75 in that Schedule (whichever are applicable), the test period starts at the first time:


(a) that occurs after the status time; and


(b) at which the trust is not a * designated infrastructure project entity;

if, apart from this subsection, the test period would start earlier.

415-25(3)  
For the purposes of section 267-30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.

415-25(4)  
For the purposes of working out, under subsection 268-10(3) , 268-15(3) or 268-20(3) in that Schedule, the end of the first period, disregard any part of the income year mentioned in that subsection during which the trust is a * designated infrastructure project entity.

Note:

A trust does not calculate its net income and tax loss under Division 268 in that Schedule if the trust was a designated infrastructure project entity during the whole of the income year: see paragraphs 266-30(c) , 266-80(1)(d) and (2)(c) , 266-115(b) , 266-155(2)(b) , 267-60(b) and 272-100(f) in that Schedule.

415-25(5)  
For the purposes paragraph 268-20(4)(b) in that Schedule, disregard any part of the first of the successive periods during which the trust is a * designated infrastructure project entity.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.