Tax Laws Amendment (2005 Measures No. 5) Act 2005 (162 of 2005)

Schedule 3   Consolidation

Part 1   Bad debts

Division 2   Deducting debt/equity swap loss

Income Tax Assessment Act 1997

2   At the end of subsection 709-205(1)

Add:

Note: This Subdivision affects similarly whether an entity that is or has been a member of a consolidated group and extinguishes a debt as part of a debt/equity swap may deduct a loss resulting from the swap. See section 709-220.