Tax Laws Amendment (2009 Measures No. 4) Act 2009 (88 of 2009)

Schedule 5   Minor amendments

Part 3   Amendments relating to foreign income tax offsets and foreign losses

Income Tax (Transitional Provisions) Act 1997

277   Paragraphs 770-165(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) the eligible CFC has a loss under section 426 of the 1936 Act for the earlier period in relation to notional assessable income of a class; and

(b) a positive amount (an unutilised CFC loss amount ) remains after reducing the loss to the extent that it has been previously taken into account under section 431 of the 1936 Act in respect of a statutory accounting period before the commencement period; and

(c) a positive amount (a reduced unutilised CFC loss amount ) remains after reducing the unutilised CFC loss amount under section 770-170.