New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 19   Consolidation: amendment of losses rules

Income Tax Assessment Act 1997

2   At the end of section 701-30

Add:

Utilisation and transfer of non-membership period loss

(8) However, the provisions of this Act relating to transfer or *utilisation of a loss of any *sort have effect in relation to a non-membership period loss of that sort for any non-membership period as if the non-membership period loss were the entity's loss for an income year that:

(a) started at the start of the period; and

(b) ended at the end of the period.

(9) Subsection (8) has effect not only for the entity core purposes, but also (despite subsection (2)) for other purposes.