Income Tax Assessment Act 1997
If an amount of a *tax loss is transferred, the *income company can deduct the amount in accordance with section 36-17 (which is about how to deduct a tax loss), but only for the income year of the income company for which the amount is transferred. That income year is called the deduction year .
The *loss company can no longer * utilise the transferred amount and is taken not to have incurred the *tax loss to the extent of that amount.
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