Income Tax Assessment Act 1936
View history note
Hide history noteIf a body is an STB on the last day of a year of income in which it incurs a tax loss, the tax loss is not allowable as a deduction from the body's assessable income of a later year of income unless the body is an STB on the first day of that later year of income.
Note:
This section prevents losses from years prior to the cessation year from being carried forward to years after the cessation year.
This section only applies to a tax loss incurred in the 1995-96 year of income or a later year of income.
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