Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

View history reference

Division 266 - Income tax consequences for fixed trusts of abnormal trading or change in ownership  

View history reference
 View history note

Subdivision 266-D - Effect of abnormal trading on listed widely held trust  

 View history note

SECTION 266-100   WHAT THIS SUBDIVISION IS ABOUT  

View history reference

A listed widely held trust:

  • • cannot deduct a tax loss from an earlier income year; or
  • • has to work out its net income and tax loss for the income year in a special way; or
  • • cannot deduct certain amounts in respect of debts incurred in the same year or earlier income years;

    • unless either:

  • • there was no abnormal trading; or
  • • there was abnormal trading, but the trust ' s ownership and business did not change.

    • Also, it may still be prevented from deducting the tax loss to the extent that it is attributable to certain debt deductions.

    Note:

    The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415-25 and 415-30 of the Income Tax Assessment Act 1997 .
     View history note

     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.