Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 170 - Treatment of certain company groups for income tax purposes  

Subdivision 170-A - Transfer of tax losses within certain wholly-owned groups of companies  

Conditions for transfer

SECTION 170-30   Companies must be in existence and members of the same wholly-owned group etc.  

170-30(1)  


Both companies must be in existence during at least part of each of the following income years:


(a) the *loss year; and


(b) the *deduction year; and


(c) any intervening income year.

Note:

In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170-32 and 170-33 .

170-30(2)  


Also, both companies must be members of the same *wholly-owned group during the whole or part of those income years when both companies were in existence.
Note:

In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170-32 and 170-33 .

170-30(3)  


One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a *foreign bank.
Note:

The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936 .

170-30(4)  


The other company must be covered by an item of this table.


The other company
Item The other company must: At this time:
1 Be the *head company of a *consolidated group The end of the *deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation
2 Be the *head company of a *MEC group The end of the *deduction year or, if the group ceases to exist during the deduction year because the company ceases to be in existence, just before the cessation
3 Not be a *member of a *consolidatable group The end of the *deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation


 

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