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 .

Conditions for transfer  

SECTION 170-128 (ARCHIVE)  

170-128   FINANCIAL CORPORATIONS (TRANSFER OF ASSETS AND LIABILITIES) ACT 1993 MUST APPLY TO ASSET TRANSFER FROM LOSS COMPANY TO GAIN COMPANY  
If it were assumed that:

(a) an asset (within the meaning of the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 ) had been transferred by the loss company to the gain company on the last day of a particular income year of the loss company (the notional transfer year ); and

(b) the requirements of paragraphs 7(6) (a) and (b) of that Act were satisfied in relation to that transfer;

then it must be the case that that Act would have applied to that transfer.

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