FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 (ARCHIVE)
TAX LOSSES AND THE INCOME TAX ASSESSMENT ACT 1997
*To find definitions of asterisked terms, see the Dictionary, starting at section 995-1 of the Income Tax Assessment Act 1997 .
SECTION 170-23 (ARCHIVE) WHEN INCOME COMPANY MUST MAINTAIN SAME OWNERS AND CONTROL 170-23(1)
Ordinarily, Subdivision 165-A prevents a company from deducting for an income year (the deduction year ) a tax loss if there has been a change in the ownership or control of the company between the loss year and the deduction year.
Note:
Subdivision 165-A is about the conditions that a company needs to satisfy before it can deduct a tax loss from an earlier income year.
170-23(2)
However, subsection (3) modifies that Subdivision so that the *income company is prevented from deducting for the deduction year a transferred amount of a *tax loss only if there has been a change in ownership or control in the income company between the transfer year and the deduction year.
170-23(3)
That Subdivision applies to the transferred amount as if all references to ``*loss year'' in that Subdivision were references to ``*transfer year''.
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