New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)

Schedule 4   Amendments about Pay as you go (PAYG) instalments

Part 2   Consequential amendments

Taxation Administration Act 1953

12   After subsection 45-330(2) in Schedule 1

Insert:

Special rule for an entity that is, or has been, the head company of a consolidated group

(2A) If an entity has *tax losses transferred to it under Subdivision 707-A of the Income Tax Assessment Act 1997, the adjusted taxable income of the entity is worked out under subsection (1) as if paragraph (1)(c) were replaced by the following provision:

(c) the lesser of the following amounts:

(i) the amount of any tax loss, to the extent that you can carry it forward to the next income year;

(ii) the amount of any tax loss that you have deducted in the base year.