New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 15   Value shifting

Part 3   Consequential amendment of the Income Tax Assessment Act 1997

Division 1   Amendments

12   At the end of section 170-270

Add:

(2) To avoid doubt, the amount of the*capital loss, deduction, or partnership deduction, referred to in this section is:

(a) the amount remaining after applying Division 723 or section 727-615; or

(b) nil, if none of the amount remains after applying that section or Division.

Note: Division 723 and section 727-615 reduce a loss realised for income tax purposes by a realisation event happening to a non-depreciating asset (in the case of Division 723) or an affected interest in a losing entity under an indirect value shift (in the case of section 727-615).