INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
SCHEDULE 2F
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TRUST LOSSES AND OTHER DEDUCTIONS
SECTION 268-55
HOW TO WORK OUT THE TRUST'S FILM LOSS FOR THE INCOME YEAR
268-55(1)
For the purposes of section 79F (Film losses of post-1989 years of income), instead of working out the trust's film loss for the year under subsection (1) of that section, it is worked out as follows.
268-55(2)
Apply subsections 268-50(2) and (3) , making the following changes:
(a) take into account assessable film income (as defined in subsection 79F(12) ), but not any other assessable income;
(b) take into account film deductions (as defined in subsection 79F(12) ), but not any other allowable deductions.
268-55(3)
If the trust derived exempt film income (as defined in subsection 79E(12) ), subtract from the amount worked out under subsection (2) of this section the trust's net exempt film income (as defined in subsection 79E(12) ).
268-55(4)
Apply section 268-50 .
268-55(5)
The trust's film loss for the income year is the amount worked out under subsection (3), to the extent that it is not greater than the amount worked out under subsection (4).
CCH Note:
Below is material substituted or repealed as inoperative in Sch 2F by No 101 of 2006.
For the purposes of section 79F (Film losses of post-1989 years of income), instead of working out the trust's film loss for the year under subsection (1) of that section, it is worked out as follows.
268-55(2)
Apply subsections 268-50(2) and (3) , making the following changes:
(a) take into account assessable film income (as defined in subsection 79F(12) ), but not any other assessable income;
(b) take into account film deductions (as defined in subsection 79F(12) ), but not any other allowable deductions.
268-55(3)
If the trust derived exempt film income (as defined in subsection 79E(12) ), subtract from the amount worked out under subsection (2) of this section the trust's net exempt film income (as defined in subsection 79E(12) ).
268-55(4)
Apply section 268-50 .
268-55(5)
The trust's film loss for the income year is the amount worked out under subsection (3), to the extent that it is not greater than the amount worked out under subsection (4).
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