Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 1   Loss recoupment rules for companies etc.

Income Tax Assessment Act 1997

169   Application of items relating to companies in liquidation

(1) The amendments made by items 1, 2 and 3 of this Schedule apply to assessments, made on or after 1 July 1997, for any year of income.

(2) The amendments made by items 73 and 78 of this Schedule (other than section 165-209 of the Income Tax Assessment Act 1997 as inserted by item 73) apply:

(a) to any tax loss that is claimed in an income year commencing on or after 1 July 1997; and

(b) to any net capital loss that is applied in an income year commencing on or after 1 July 1998; and

(c) to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 1998; and

(d) in determining whether any changeover time or alteration time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.