Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)
Schedule 6 Consolidation
Part 5 Insurance companies
Income Tax (Transitional Provisions) Act 1997
34 At the end of Subdivision 707-C
707-355 Ignore certain losses in working out when a choice can be made under this Subdivision
In working out when a choice may be made under subsection 707-325(5), 707-327(5), 707-328A(4) or 707-350(5), ignore losses to which section 713-535 of the Income Tax Assessment Act 1997 applies.
Note: That section deals with losses transferred under Subdivision 707-A of that Act from certain wholly-owned subsidiaries of life insurance companies that are members of a consolidated group.
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