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

272   Section 770-95 (notes 1 and 2)

Repeal the notes, substitute:

Note: This section ensures a tax loss retains its foreign loss component and starting total even though the head company is taken, after the transfer, to have made the loss for the income year in which the transfer occurs.