New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 12   Consolidation: amendments relating to Division 170

Income Tax Assessment Act 1997

1   At the end of section 170-15

Add:

(3) Despite subsection (1), if the*tax loss is transferred because the conditions in section 170-32 are met, the*income company is taken to have incurred the tax loss for the income year for which the first prior transferor mentioned in that section incurred the tax loss.

(4) Despite subsection (1), if the*tax loss is transferred because the condition in subsection 170-42(4) is met, the*income company is taken to have incurred the tax loss for the income year for which that subsection assumes the income company incurred the tax loss.