Income Tax Assessment Act 1936
If section 266-150 prevents the trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year. 266-170(2)
However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of section 266-165 , the trust would have been entitled to deduct the tax loss.
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