FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 (ARCHIVE)

SCHEDULE 2  

NET CAPITAL LOSSES AND THE INCOME TAX ASSESSMENT ACT 1997

Part 1 - Replacement of sections 170-110 to 170-145  

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History

Part 1 heading inserted by No 16 of 2003 , s 3 and Sch 20 item 6, effective 24 October 2002.

Act No 16 of 2003 , s 3 and Sch 20, contains the folowing application provision:

8 Application  
(1)
The amendments of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 made by this Schedule apply to assessments for the income year including 1 July 2002 and later income years.

(2)
In this item:

income year
: has the same meaning as in the Income Tax Assessment Act 1997 .

Effect of transferring a net capital loss  

SECTION 170-115 (ARCHIVE)   WHO CAN APPLY TRANSFERRED LOSS  

170-115(1)    
If an amount of a *net capital loss is transferred, the gain company can apply the amount in working out its *net capital gain for the income year of the gain company for which the amount is transferred or for a later income year. The income year for which the gain company applies the amount is called the application year .

Note:

A company's net capital gain or net capital loss for an income year is usually worked out under section 102-5 .

170-115(2)    
The loss company can no longer apply the transferred amount and is taken not to have made the *net capital loss to the extent of that amount.

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