Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (96 of 2014)

Schedule 2   Loss carry back

Part 3   Application, transitional and saving provisions

Income Tax (Transitional Provisions) Act 1997

44   Before Subdivision 960-E

Insert:

Subdivision 960-B - Utilisation of tax attributes

Table of sections

960-20 Utilisation - corporate loss carry back

960-20 Utilisation - corporate loss carry back

(1) For the purposes of subsection 960-20(2) of the Income Tax Assessment Act 1997, a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).

(2) For the purposes of subsection 960-20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160-15(2) of that Act (which was about calculating a loss carry back tax offset component).