Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 175 - Use of a company ' s tax losses or deductions to avoid income tax  

Subdivision 175-D - Common rules  

SECTION 175-100   175-100   Commissioner may disallow excluded losses etc. of insolvent companies  


Despite a subsection listed in column 1, the Commissioner may, under a subsection listed in column 2, disallow some or all of an *excluded loss, deduction, or *capital loss, of a company (as the case requires) if:

(a)  the company is or becomes:


(i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or

(ii) an entity with a similar status under a *foreign law to a Chapter 5 body corporate; and

(b)  

the company is insolvent (within the meaning of section 9 of the Corporations Act 2001 ) when the company becomes an entity mentioned in subparagraph (a)(i) or (ii) .


Commissioner may disallow excluded losses etc. for insolvent companies
Item Column 1 Column 2
Despite this subsection... the Commissioner may disallow under this subsection:
  1 Subsection 175-10(2) Subsection 175-10(1)
  2 Subsection 175-15(2) Subsection 175-15(1)
  3 Subsection 175-20(2) Subsection 175-20(1)
  4 Subsection 175-25(2) Subsection 175-25(1)
  5 Subsection 175-30(4) Subsection 175-30(1) or (2)
  6 Subsection 175-45(2) Subsection 175-45(1)
  7 Subsection 175-50(2) Subsection 175-50(1)
  8 Subsection 175-60(2) Subsection 175-60(1)
  9 Subsection 175-65(2) Subsection 175-65(1)
10 Subsection 175-70(4) Subsection 175-70(1) or (2)
11 Subsection 175-85(2) Subsection 175-85(1)
11 Subsection 175-90(2) Subsection 175-90(1)


 

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