S 375-805 repealed by No 164 of 2007, s 3 and Sch 10 item 71, effective 1 July 2010. S 375-805 formerly read:
SECTION 375-805 Does your tax loss have a film component?
375-805(1)
A
*
tax loss in an income year has a
film component
if:
•
your
*
film deductions
exceed the sum of:
•
your
*
assessable film income; and
•
your
*
net exempt film income.
The amount of the film component is the excess or the tax loss, whichever is less.
375-805(1A)
If an entity
'
s
*
tax loss is worked out under a provision listed in the table, the
film component
is what that tax loss would have been if:
(a)
the entity
'
s
*
film deductions for the
*
loss year had been its only deductions; and
(b)
the entity
'
s
*
assessable film income for the
*
loss year had been its only assessable income; and
(c)
the entity
'
s
*
net exempt film income for the
*
loss year had been its only
*
net exempt income.
However, the film component cannot exceed the actual tax loss.
|
Working out film component of tax loss
|
|
Item
|
Provision
|
Type of entity
|
| 1 |
165-70 |
Company
-
income year when ownership or control changed |
|
. |
| 2 |
175-35 |
Company
-
deductions that have been used to obtain a tax benefit disallowed |
|
. |
| 3 |
268-60 in Schedule 2F to the
Income Tax Assessment Act 1936 |
Trust
-
income year when ownership or control changed |
History
S 375-805(1A) inserted by No 41 of 1998.
375-805(2)
Your
film deductions
for an income year are the following:
(a)
amounts you can deduct for the income year under section
124ZAFA
of the
Income Tax Assessment Act 1936
;
(b)
amounts that you can deduct for the income year and to which section
124ZAO
of the
Income Tax Assessment Act 1936
applies in relation to you for the income year.
History
S 375-805(2) amended by
No 101 of 2006
, s 3 and Sch 2 item 719, by amending the reference to a repealed inoperative provision in para (a), effective 14 September 2006. For application and savings provisions see the
CCH Australian Income Tax Legislation archive
.
375-805(3)
Your
assessable film income
for an income year is so much of the amount, or the sum of the amounts, to which section
26AG
of the
Income Tax Assessment Act 1936
applies in relation to you for the income year as is assessable income.
History
S 375-805(3) amended by
No 97 of 2008
, s 3 and Sch 3 item 138, by substituting
"
income year
"
for
"
year of income
"
, effective 3 October 2008.
375-805(4)
Your
net exempt film income
for an income year is your
*
exempt film income for that year reduced by:
(a)
any taxes payable in respect of that income in a country or place outside Australia; and
(b)
any expenses (not of a capital nature) so far as you incurred them during that year in deriving that income.
375-805(5)
Your
exempt film income
for an income year is so much of the amount, or the sum of the amounts, to which section
26AG
of the
Income Tax Assessment Act 1936
applies in relation to you for the income year as is exempt income.
History
S 375-805(5) amended by
No 97 of 2008
, s 3 and Sch 3 item 138, by substituting
"
income year
"
for
"
year of income
"
, effective 3 October 2008.
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