Tax Laws Amendment (2009 Measures No. 4) Act 2009 (88 of 2009)

Schedule 5   Minor amendments

Part 3   Amendments relating to foreign income tax offsets and foreign losses

Income Tax (Transitional Provisions) Act 1997

261   Paragraphs 770-5(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) the entity has incurred an overall foreign loss in respect of a class of assessable foreign income (within the meaning of former section 160AFD of the 1936 Act) for the earlier income year; and

(b) a positive amount (an unutilised overall foreign loss amount ) remains after reducing the overall foreign loss to the extent that it has been taken into account under that former section in reducing the entity's assessable foreign income of the relevant class for an income year before the commencement year; and

(c) a positive amount (a reduced unutilised overall foreign loss amount ) remains after reducing the unutilised overall foreign loss amount under section 770-10.