Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 415 - Designated infrastructure projects  

Subdivision 415-B - Tax losses and bad debts  

Change of ownership of trusts and companies

SECTION 415-25   Tax losses of trusts  

Scope

415-25(1)    
This section applies to a * tax loss of a * trust if the trust is a * designated infrastructure project entity at a time (the status time ) in the * loss year.

Modifications of Schedule 2F to the Income Tax Assessment Act 1936

415-25(2)    
Despite paragraph 266-25(1)(b) , 266-30(a) , 266-75(1)(b) or (2)(b) , 266-80(1)(a) or (2)(a) , 266-110(1)(b) , 266-115(a) , 266-150(2)(a) , 266-155(2)(a) , 267-20(1)(b) or 267-60(a) in Schedule 2F to the Income Tax Assessment Act 1936 , for the purposes of sections 266-40 and 266-45 , section 266-90 , subsections 266-125(1) and (2) , subsections 266-165(1) and (2) , sections 267-40 and 267-45 or sections 267-70 and 267-75 in that Schedule (whichever are applicable), the test period starts at the first time:

(a) that occurs after the status time; and

(b) at which the trust is not a * designated infrastructure project entity;

if, apart from this subsection, the test period would start earlier.

415-25(3)    
For the purposes of section 267-30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.

415-25(4)    
For the purposes of working out, under subsection 268-10(3) , 268-15(3) or 268-20(3) in that Schedule, the end of the first period, disregard any part of the income year mentioned in that subsection during which the trust is a * designated infrastructure project entity.

Note:

A trust does not calculate its net income and tax loss under Division 268 in that Schedule if the trust was a designated infrastructure project entity during the whole of the income year: see paragraphs 266-30(c) , 266-80(1)(d) and (2)(c) , 266-115(b) , 266-155(2)(b) , 267-60(b) and 272-100(f) in that Schedule.

415-25(5)    
For the purposes paragraph 268-20(4)(b) in that Schedule, disregard any part of the first of the successive periods during which the trust is a * designated infrastructure project entity.