S 770-30 repealed by
No 143 of 2007
, s 3 and Sch 1 item 227, effective 30 June 2014. S 770-30 formerly read:
SECTION 770-30 Deduction limit for foreign loss component
770-30(1)
The amount of the foreign loss component of one or more tax losses in a loss parcel that an entity can deduct in an income year
cannot exceed
the amount worked out for the year using the table.
Limit on deducting foreign loss component of a tax loss
|
Item
|
For this income year:
|
The amount of the component that you can deduct cannot exceed:
|
1 |
The commencement year |
1/5 of the starting total for the loss parcel |
2 |
The first income year ending after the commencement year |
The difference between:
(a) 2/5 of the starting total for the loss parcel; and
(b) the amount of the foreign loss component of one or more tax losses in the loss parcel deducted for the income year mentioned in item 1 |
3 |
The second income year ending after the commencement year |
The difference between:
(a) 3/5 of the starting total for the loss parcel; and
(b) the amount of the foreign loss component of one or more tax losses in the loss parcel deducted for the income years mentioned in items 1 and 2 |
4 |
The third income year ending after the commencement year |
The difference between:
(a) 4/5 of the starting total for the loss parcel; and
(b) the amount of the foreign loss component of one or more tax losses in the loss parcel deducted for the income years mentioned in items 1, 2 and 3 |
Note:
There may be a reduction of the limit for the head company of a consolidated group under section
770-100
.
History
S 770-30(1) amended by No 88 of 2009, s 3 and Sch 5 item 268, by substituting
"
an
"
for
"
any
"
after
"
loss parcel that
"
, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after 1 July 2008.
770-30(2)
This section does not limit the amount of the foreign loss component of a tax loss that an entity can deduct in a year later than the third income year ending after the commencement year.
Note:
For later years, any remaining tax loss may be utilised to the extent permitted by the general rules for tax losses.
History
S 770-30(2) amended by No 88 of 2013, s 3 and Sch 6 item 43, by substituting
"
tax loss may be utilised
"
for
"
undeducted tax loss may be deducted
"
in the note, effective 29 June 2013.
770-30(3)
To avoid doubt, if, because of subsection (1) or section
770-100
, an entity cannot deduct all or part of a tax loss in an income year, subsection
36-17(7)
of the 1997 Act does not prevent the entity deducting other tax losses in the same year in accordance with that subsection.
History
S 770-30(3) inserted by No 88 of 2009, s 3 and Sch 5 item 269, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after 1 July 2008.
S 770-30 inserted by
No 143 of 2007
, s 3 and Sch 1 item 5, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under Div
770
heading.