Income Tax (Transitional Provisions) Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-B - Utilisation of tax attributes  

SECTION 960-20   Utilisation - corporate loss carry back  

960-20(1)    
For the purposes of subsection 960-20(2) of the Income Tax Assessment Act 1997 , a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).

960-20(2)    
For the purposes of subsection 960-20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160-15(2) of that Act (which was about calculating a loss carry back tax offset component).