Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013 (88 of 2013)

Schedule 6   Loss carry back consequential amendments

Part 2   Other amendments

Income Tax Assessment Act 1997

57   At the end of Subdivision 195-A

Add:

Working out a PDF's loss carry back tax offset

195-37 PDF cannot carry back tax loss

A company that:

(a) has a *tax loss for an income year; and

(b) is a *PDF at the end of the income year;

cannot *carry back the loss to an earlier income year for the purposes of working out the amount of the company's *loss carry back tax offset for an income year (the offset year ) unless the company is a PDF throughout the earlier income year and the offset year.