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

Schedule 6   Loss carry back consequential amendments

Part 2   Other amendments

Income Tax Assessment Act 1997

52   Section 36-25 (table dealing with tax losses of pooled development funds (PDFs), item 1)

Repeal the item, substitute:


A company is a pooled development fund (PDF) at the end of an income year for which it has a tax loss: it can only:

(a) deduct the loss while it is a PDF; or

(b) carry back the loss to an income year in which it was a PDF.

Sections 195-5 and 195-37