Taxation Ruling
IT 2636W - Notice of Withdrawal
Income tax: transfer of losses within a company group
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Please note that the PDF version is the authorised version of this withdrawal notice.
FOI status:
may be releasedNotice of Withdrawal
Taxation Ruling IT 2636 is withdrawn with effect from today.
1. Taxation Ruling IT 2636 explains how subsection 80G(9) of the Income Tax Assessment Act 1936 (ITAA 1936) interacts, in relation to the transfer of losses within a company group, with the current year loss provisions in Subdivision B of Division 2A of Part III of the ITAA 1936.
2. Part 3-90 of the Income Tax Assessment Act 1997 introduced the Consolidation regime, which came into effect for income years beginning on or after 1 July 2002. Part 3-90 contains the current provisions concerning the transfer of tax attributes between members of the same wholly-owned group. After 1 July 2003, the existing group loss transfer rules are no longer available, except in the very limited circumstance where one company is an Australian branch of a foreign bank.
3. The Ruling does not have application to income tax years after the 2002-2003 income year and is therefore withdrawn.
Commissioner of Taxation
19 September 2007