Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 2   Amendment of the Income Tax Assessment Act 1936: forgiveness of commercial debts

Part 2   Consequential amendments

25   After subsection 80AAA(7)

Insert:

(7A) If a loss referred to in subsection (7) is taken to be reduced under Subdivision 245-E of Schedule 2C in its application to the year of income or a previous year of income, any reference to that loss in this section is to be treated as a reference to that loss as so taken to be reduced.