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

171   Application of items relating to alternative test

(1) The amendments made by items 16, 29 and 57 of this Schedule apply to:

(a) any tax loss that is claimed in an income year ending after 21 September 1999; and

(b) any net capital loss that is applied in an income year ending after 21 September 1999; and

(c) any deduction in respect of a bad debt that is claimed in an income year ending after 21 September 1999.

(2) The amendment made by item 46 of this Schedule applies in determining whether a changeover time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.

(3) The amendment made by item 49 of this Schedule applies in determining whether an alteration time occurs at or after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999.