Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 310.35

  (1)   To the extent that an earlier year net capital loss is transferred to a receiving entity:

  (a)   the transferring entity is taken not to have made the loss for that earlier income year; and

  (b)   an amount equal to the transferred amount is taken to be:

  (i)   if the receiving entity is a * life insurance company--a * capital loss from * complying superannuation assets made by the receiving entity for the transfer year; and

  (ii)   otherwise--a capital loss made by the receiving entity for the transfer year.

  (2)   To the extent that a transfer year net capital loss is transferred to a receiving entity:

  (a)   if the transferring entity is a * life insurance company--the sum of the transferring entity's * capital losses from * complying superannuation assets for the transfer year is reduced by an amount equal to the transferred amount; and

  (b)   if the transferring entity is not a life insurance company--the sum of the transferring entity's capital losses for the transfer year is reduced by an amount equal to the transferred amount; and

  (c)   if the receiving entity is a life insurance company--an amount equal to the transferred amount is taken to be a capital loss from complying superannuation assets made by the receiving entity for the transfer year; and

  (d)   if the receiving entity is not a life insurance company--an amount equal to the transferred amount is taken to be a capital loss made by the receiving entity for the transfer year.