Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 160 - Corporate loss carry back tax offset for 2020-21 or 2021-22 for businesses with turnover under $5 billion  

Subdivision 160-B - Loss carry back choice  

SECTION 160-30   Transferred tax losses, income tax liabilities etc. not included  

160-30(1)  
The entity cannot *carry back an amount of a *tax loss for an income year, to the extent that the loss:

(a)  was transferred to or from the entity under Division 170 or Subdivision 707-A (about certain company groups); or

(b)  exceeds the amount that would be the entity ' s tax loss for the year if section 36-55 (about excess franking offsets) were disregarded.

160-30(2)  
For the purposes of this Division, disregard the *income tax liability of the entity for an income year to the extent that it consists of an income tax liability of a *subsidiary member of a *consolidated group or *MEC group that is taken to be an income tax liability of the entity because of section 701-5 (the entry history rule).


 

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