Income Tax Assessment Act 1997
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View history notePart 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 311 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.
Div 311 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years.
Subdiv 311-C repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019.
Subdiv 311-C inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.
(Repealed by No 89 of 2013)
S 311-30 repealed by No 89 of 2013, s 3 and Sch 1 item 23, effective 2 July 2019. S 311-30 formerly read:
SECTION 311-30 Effect of transferring a tax loss
311-30
To the extent that a loss of a kind referred to in paragraph 311-20(1)(c) or (d) is transferred to a receiving entity:
(a)
if the loss is for an income year earlier than the transfer year
-
the transferring entity is taken not to have made the loss for that earlier income year; and
(b)
if the loss is for the transfer year
-
the following is reduced by an amount equal to the transferred amount:
(i)
if the transferring entity is a
*
life insurance company
-
the sum of the transferring entity
'
s deductions covered by subsection 320-137(4) (about complying superannuation assets) for the transfer year;
(ii)
otherwise
-
the sum of the transferring entity
'
s deductions for the transfer year; and
(c)
for the purposes of sections 36-15 and 36-17, an amount equal to the transferred amount is taken to be:
(i)
if the receiving entity is a life insurance company
-
a
*
tax loss of the
*
complying superannuation class that the receiving entity incurred for the income year of the receiving entity immediately prior to the income year in which the completion time occurs; or
(ii)
otherwise
-
a tax loss that the receiving entity incurred for the income year of the receiving entity immediately prior to the income year in which the completion time occurs; and
(d)
for all other purposes of this Act, an amount equal to the transferred amount is taken to be:
(i)
if the receiving entity is a life insurance company
-
a tax loss of the
*
complying superannuation class that the receiving entity incurred on the day of the completion time; or
(ii)
otherwise
-
a tax loss that the receiving entity incurred on the day of the completion time.
S 311-30 amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (b)(i), (c)(i) and (d)(i), effective 1 July 2015.
S 311-30 inserted by No 89 of 2013, s 3 and Sch 1 item 1, applicable to income years that include 1 July 2013, and to later income years. See the note under Div 311 heading.
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