Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 426

    For the purposes of this Subdivision, if:

  (a)   the amount of the eligible CFC's notional allowable deductions (other than under section   431) for a statutory accounting period (being the eligible period or an earlier period) are applied as follows:

  (i)   they are applied first against any notional assessable income of the eligible CFC class for the period;

  (ii)   any excess is then applied against any (sometimes - exempt income) gain for the period; and

  (b)   there is any amount remaining;

then the amount remaining is a loss of the eligible CFC for the period.