Income Tax Assessment Act 1997



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 170-50   Transfer by written agreement  

The transfer must be made by a written agreement between the *loss company and the *income company.

The agreement must:

(a) specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and

(b) specify the amount of the *tax loss being transferred; and

(c) be signed by the public officer of each company; and

(d) be made on or before the day of lodgement of the *income company's *income tax return for the *deduction year, or within such further time as the Commissioner allows.


The agreement will usually be made in the next income year after the one for which the income company will deduct the loss.


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