Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-H - Domestic losses  

SECTION 57-75  

57-75   DOMESTIC LOSSES  

In applying section 36-15 or 36-17 of the Income Tax Assessment Act 1997 (about how to deduct tax losses) to the transition taxpayer:

(a) only exempt income derived at or after the transition time is taken into account as exempt income of the transition taxpayer; and

(b) the transition taxpayer ' s deductions are taken into account only so far as they are in respect of:

(i) services rendered; or

(ii) goods provided; or

(iii) the doing of any other thing;

at or after the transition time.