Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 310.40

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

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

  (b)   for the purposes of section   36 - 15, an amount equal to the transferred amount is taken to be:

  (i)   if the receiving entity is a * life insurance company--a * tax loss of the * complying superannuation class incurred by the receiving entity for the income year immediately prior to the transfer year; and

  (ii)   otherwise--a tax loss incurred by the receiving entity for the income year immediately prior to the transfer year; and

  (c)   for all other purposes of this Act, an amount equal to the transferred amount is taken to be:

  (i)   if the receiving entity is a life insurance company--a tax loss of the complying superannuation class incurred by the receiving entity for the transfer year; and

  (ii)   otherwise--a tax loss incurred by the receiving entity for the transfer year.

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

  (a)   if the transferring entity is a * life insurance company--the sum of the transferring entity's deductions covered by subsection   320 - 137(4) (about 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 deductions 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 * tax loss of the * complying superannuation class incurred 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 tax loss incurred by the receiving entity for the transfer year.

Table of sections

310 - 45   Choosing the assets roll - over

310 - 50   Choosing the form of the assets roll - over