Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

2   CGT (new Parts 3-1, 3-3 and 3-5)

4   Consequential amendment of other Acts

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

543   Before subsection 20(1)

Insert:

(1A) In addition to its effect apart from this section, the Income Tax Assessment Act 1997 also has the effect it would have if sections 170-110 to 170-145 (which are about transferring net capital losses within wholly-owned company groups) of that Act were replaced by the provisions in Schedule 2 to this Act (which are a modified version of the rules in those sections).

(1B) Subsection (1) does not enable a net capital loss to be transferred in the 1998-99 year of income or a later year of income.

Note: The heading to section 20 is replaced by the heading "Transfer of net capital loss".