Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)
Schedule 1 Loss recoupment rules for companies etc.
Income Tax Assessment Act 1997
103 At the end of Subdivision 175-D
Add:
175-100 Commissioner may disallow excluded losses etc. of insolvent companies
Despite a subsection listed in column 1, the Commissioner may, under a subsection listed in column 2, disallow some or all of an *excluded loss, deduction, or *capital loss, of a company (as the case requires) if:
(a) the company is or becomes:
(i) an externally-administered body corporate within the meaning of the Corporations Act 2001; or
(ii) an entity with a similar status under a *foreign law to an externally-administered body corporate; and
(b) the company is insolvent (within the meaning of section 9 of the Corporations Act 2001) when the administration begins.
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Commissioner may disallow excluded losses etc. for insolvent companies |
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Item |
Column 1 Despite this subsection... |
Column 2 the Commissioner may disallow under this subsection: |
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1 |
Subsection 175-10(2) |
Subsection 175-10(1) |
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2 |
Subsection 175-15(2) |
Subsection 175-15(1) |
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3 |
Subsection 175-20(2) |
Subsection 175-20(1) |
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4 |
Subsection 175-25(2) |
Subsection 175-25(1) |
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5 |
Subsection 175-30(4) |
Subsection 175-30(1) or (2) |
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6 |
Subsection 175-45(2) |
Subsection 175-45(1) |
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7 |
Subsection 175-50(2) |
Subsection 175-50(1) |
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8 |
Subsection 175-60(2) |
Subsection 175-60(1) |
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9 |
Subsection 175-65(2) |
Subsection 175-65(1) |
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10 |
Subsection 175-70(4) |
Subsection 175-70(1) or (2) |
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11 |
Subsection 175-85(2) |
Subsection 175-85(1) |
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11 |
Subsection 175-90(2) |
Subsection 175-90(1) |