Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 2   Temporary loss carry back

Part 3   Consequential amendments

Income Tax Assessment Act 1997

21   Section 36-25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1)

Repeal the item, substitute:

1.

A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot:

(a) deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP; or

(b) carry back the loss to an income year in which it was not a VCLP, an ESVCLP, an AFOF or a VCMP.

Subdivision 195-B


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