New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 2   Consolidation: miscellaneous changes to asset cost provisions

Income Tax Assessment Act 1997

32   Subsection 705-100(2)

Repeal the subsection, substitute:

(2) However, a loss is not to be taken into account under subsection (1) to the extent that it reduced the undistributed profits comprising the step 3 amount in the table in section 705-60.