Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.170

    The Commissioner may amend an assessment to * disallow a transferred amount of a * net capital loss:

  (a)   if the agreement to transfer the net capital loss is ineffective because the loss company did not actually make the loss; or

  (b)   to the extent that section   170 - 165 reduces the transferred amount because the loss company did not actually make some of it.

    The Commissioner may do so despite section   170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .

Note:   This Subdivision is disregarded in calculating the attributable income of a CFC: see section   410 of the Income Tax Assessment Act 1936 .