Income Tax Assessment Act 1936

SCHEDULE 2F - TRUST LOSSES AND OTHER DEDUCTIONS  

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Division 267 - Income tax consequences for non-fixed trusts of change in ownership or control  

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History

Div 267 inserted by No 17 of 1998.

Subdivision 267-B - Deducting tax losses, and certain amounts in respect of debts, from earlier years  

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Subdiv 267-B inserted by No 17 of 1998.

SECTION 267-15   WHAT THIS SUBDIVISION IS ABOUT  

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A non-fixed trust cannot deduct:

• a tax loss from a loss year; or

• certain amounts in respect of debts incurred in earlier income years;

unless:

• if applicable, it meets an ownership test based on income and capital distributions; and

• it did not fail that test in a previous year; and

• if applicable, it meets an ownership test based on fixed entitlements to income and capital; and

• its control has stayed the same.

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 267-15 amended by No 124 of 2013, s 3 and Sch 2 item 15, by inserting the note at the end, effective 11 July 2013.

S 267-15 inserted by No 17 of 1998.

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