INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES

Division 3D - Anti-avoidance measures for capital losses of companies

SECTION 160ZNW LOSS RESULTING FROM DISALLOWED DEDUCTIONS

160ZNW(1) [Taxable income resulting from disallowance]

If a company has a taxable income for a year of income because the Commissioner disallows under this Division deductions of the company for the year of income (or parts of them), the company may also have a loss for the year of income.

160ZNW(2) [Calculating loss]

The company's loss for the income year is calculated as follows.

160ZNW(3) [Total disallowances]

Total what the Commissioner has disallowed under this Division.

160ZNW(4) [Exempt income]

If the company has exempt income for the year of income, subtract its net exempt income.

160ZNW(5) [Remainder]

Any amount remaining is the company's loss for the year of income.

Note:

For the allowance of the loss as a deduction in later years of income see subsection 50C(2) .

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