Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 5   Loss carry back

Part 1   Main amendments

Income Tax (Transitional Provisions) Act 1997

6   Before Division 165

Insert:

Division 160 - Loss carry back tax offset

Table of Subdivisions

160-A Application of Division 160 of the Income Tax Assessment Act 1997

Subdivision 160-A - Application of Division 160 of the Income Tax Assessment Act 1997

Table of sections

160-1 Application of Division 160 of the Income Tax Assessment Act 1997

160-5 Modification for 2012-13 income year - no carry back to 2010-11 income year

160-1 Application of Division 160 of the Income Tax Assessment Act 1997

Division 160 of the Income Tax Assessment Act 1997 applies to assessments for the 2012-13 income year and later income years.

160-5 Modification for 2012-13 income year - no carry back to 2010-11 income year

(1) This section applies to assessments for the 2012-13 income year.

(2) Despite subsection 160-15(2) of the Income Tax Assessment Act 1997, an entity's loss carry back tax offset component for the 2010-11 income year is treated as being nil.