Income Tax Assessment Act 1997
If a company has a taxable income for an income year because the Commissioner disallows under this Subdivision deductions of the company for the income year (or parts of them), the company may also have a *tax loss for the income year.
The company's tax loss for the income year is calculated as follows. 175-35(3)
Total what the Commissioner has disallowed under this Subdivision. 175-35(4)
If the company has *exempt income for the income year, subtract its * net exempt income .
Any amount remaining is the company's tax loss for the income year, which is called a loss year .
The meanings of tax loss and loss year are modified by section 36-55 for a corporate tax entity that has an amount of excess franking offsets.
To find out how much of the tax loss can be deducted in later income years: see Subdivision 165-A .
To find out how to deduct it: see section 36-17 .
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