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

54   Section 36-25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1)

Repeal the item, substitute:

1.

A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot:

(a) deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP; or

(b) carry back the loss to an income year in which it was not a VCLP, an ESVCLP, an AFOF or a VCMP.

Subdivision 195-B