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Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

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Division 266 - Income tax consequences for fixed trusts of abnormal trading or change in ownership  

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Subdivision 266-D - Effect of abnormal trading on listed widely held trust  

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SECTION 266-100   WHAT THIS SUBDIVISION IS ABOUT  

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A listed widely held trust:

  • • cannot deduct a tax loss from an earlier income year; or
  • • has to work out its net income and tax loss for the income year in a special way; or
  • • cannot deduct certain amounts in respect of debts incurred in the same year or earlier income years;

    • unless either:

  • • there was no abnormal trading; or
  • • there was abnormal trading, but the trust ' s ownership and business did not change.

    • Also, it may still be prevented from deducting the tax loss to the extent that it is attributable to certain debt deductions.

    Note:

    The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415-25 and 415-30 of the Income Tax Assessment Act 1997 .
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