Income Tax Assessment Act 1936

SCHEDULE 2D - TAX EXEMPT ENTITIES THAT BECOME TAXABLE  

Division 57 - Tax exempt entities that become taxable  

Subdivision 57-D - Time when losses and outgoings incurred  

SECTION 57-20   TIME WHEN LOSSES AND OUTGOINGS INCURRED  

57-20(1)    
To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8-1 of the Income Tax Assessment Act 1997 , as appropriate) incurred by the transition taxpayer before the transition time is in respect of:

(a) services rendered; or

(b) goods provided; or

(c) the doing of any other thing;

at or after the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred at the time the services were rendered, the goods were provided or the thing was done, as the case requires.

57-20(2)    
To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8-1 of the Income Tax Assessment Act 1997 , as appropriate) incurred by the transition taxpayer at or after the transition time is in respect of:

(a) services rendered; or

(b) goods provided; or

(c) the doing of any other thing;

before the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred before that time.