Income Tax Assessment Act 1997

Div 375 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010.

Subdiv 375-H inserted by No 108 of 1998.

 View history note

 Hide history note

S 375-875 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010. S 375-875 formerly read:

SECTION 375-875 Tax losses cannot be transferred to or from FLICs  
375-875(1)
A ^* FLIC cannot transfer to another company a ^* tax loss or a ^* net capital loss for an income year if the FLIC ' s concessional capital licence is in force during some or all of that income year.

375-875(2)
A company cannot transfer to a ^* FLIC a ^* tax loss or a ^* net capital loss for an income year if the FLIC ' s concessional capital licence is in force during some or all of that income year.

Note 1:

A FLIC ' s concessional capital licence is granted under the Film Licensed Investment Company Act 2005 .

Note 2:

These 2 rules are exceptions to the general rules about transfer of losses between companies in Subdivisions 170-A and 170-B .

 View history note

 Hide history note

History

S 375-875(2) amended by No 58 of 2005, s 3 and Sch 1 item 15, by substituting " 2005 " for " 1998 " in note 1, effective 27 June 2005. For savings provision, see note under s 375-850.

S 375-875 inserted by No 108 of 1998.