Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 707 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 707-A heading substituted by No 88 of 2013, s 3 and Sch 6 item 28, effective 29 June 2013. The heading formerly read:

Subdivision 707-A - Transfer of previously unutilised losses to head company

Subdiv 707-A inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 707-110 renumbered from s 707-110(1) by No 88 of 2013, s 3 and Sch 6 item 30, effective 29 June 2013.

S 707-110(2) repealed by No 88 of 2013, s 3 and Sch 6 item 31, effective 29 June 2013. S 707-110(2) formerly read:

Utilising a loss
707-110(2)
An entity utilises a loss:

(a) in the case of a ^* tax loss - to the extent it is deducted from an amount of the entity ' s assessable income or ^* exempt income; and

(b) in the case of a ^* net capital loss - to the extent that it is applied to reduce an amount of the entity ' s ^* capital gains.

(c) (Repealed by No 143 of 2007 )

S 707-110(2) amended by No 143 of 2007 , s 3 and Sch 1 items 158 and 159, by substituting " . " for " ; and " in para (b) and repealing para (c), applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under Div 770 heading . Para (c) formerly read:

(c) in the case of an overall foreign loss in respect of a class of assessable foreign income (within the meaning of section 160AFD of the Income Tax Assessment Act 1936 ) - to the extent that the loss is taken into account in reducing the entity ' s income of that class.

S 707-110 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).