Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

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

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History

Div 266 inserted by No 17 of 1998.

Subdivision 266-E - Effect of abnormal trading on unlisted very widely held trust or wholesale widely held trust  

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Subdiv 266-E inserted by No 17 of 1998.

SECTION 266-140   WHAT THIS SUBDIVISION IS ABOUT  

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An unlisted very widely held trust or a wholesale 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 income year or earlier income years;

unless either:

• there was no abnormal trading; or

• there was abnormal trading, but the trust ' s ownership did not change.

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 .

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History

S 266-140 amended by No 124 of 2013, s 3 and Sch 2 item 13, by inserting the note at the end, effective 11 July 2013.

S 266-140 inserted by No 17 of 1998.

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