Tax and Superannuation Laws Amendment (2015 Measures No. 2) Act 2015 (130 of 2015)

Schedule 4   Company losses

Part 3   Shares held by certain entities

Income Tax Assessment Act 1997

58   Transitional - FHSA trusts

(1) An FHSA trust (within the meaning of the Income Tax Assessment Act 1997 on 1 January 2015) is taken to be one of the kinds of entities listed in the paragraphs of subsection 165-202(1) of that Act.

(2) Subitem (1) applies in relation to:

(a) deducting a tax loss in an applicable income year; or

(b) applying a net capital loss in an applicable income year; or

(c) a deduction in respect of a bad debt claimed in an applicable income year; or

(d) determining whether any changeover time or alteration time occurred during an applicable income year.

(3) In this item:

applicable income year means the 2011-12 income year, the 2012-13 income year, the 2013-14 income year or the 2014-15 income year.