Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The entity cannot * carry back an amount of a * tax loss for an income year, to the extent that the loss:
(a) was transferred to or from the entity under Division 170 or Subdivision 707 - A (about certain company groups); or
(b) exceeds the amount that would be the entity's tax loss for the year if section 36 - 55 (about excess franking offsets) were disregarded.
(2) For the purposes of this Division, disregard the * income tax liability of the entity for an income year to the extent that it consists of an income tax liability of a * subsidiary member of a * consolidated group or * MEC group that is taken to be an income tax liability of the entity because of section 701 - 5 (the entry history rule).