Income Tax (Transitional Provisions) Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 36 - Tax losses of earlier income years  

SECTION 36-110   Tax losses for 1957-58 to 1988-89 income years  

36-110(1)    
If you incurred a loss for the purposes of section 80AA (Primary production losses of pre-1990 years of income) of the Income Tax Assessment Act 1936 in any of the 1957-58 to 1988-89 income years, the loss is your tax loss for that income year, which is called a loss year . The loss is also called a primary production loss .

36-110(2)    
You can deduct the tax loss in the 1997-98 or a later income year only to the extent that it has not already been deducted.

36-110(3)    
You deduct your primary production losses (in the order in which you incurred them) before any other tax losses of the same or any other loss year, except film losses.

36-110(4)    
A company cannot transfer any amount of a primary production loss for the 1983-84 or an earlier income year under Subdivision 170-A (Transfer of tax losses within wholly-owned groups of companies) of the Income Tax Assessment Act 1997 .

36-110(5)    
For the purposes of determining how much (if any) of a primary production loss you can deduct in the 1997-98 or a later income year, subsections 80AA(9) , (10) and (11) of the Income Tax Assessment Act 1936 apply in the same way as they apply for the purposes they refer to.