Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)
Schedule 2 Temporary loss carry back
Part 3 Consequential amendments
Income Tax Assessment Act 1997
20 Section 36-25 (table dealing with tax losses of pooled development funds (PDFs), item 1)
Repeal the item, substitute:
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1. |
A company is a pooled development fund (PDF) at the end of an income year for which it has a tax loss: it can only: (a) deduct the loss while it is a PDF; or (b) carry back the loss to an income year in which it was a PDF. |
Sections 195-5 and 195-37 |