Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 417.75

    If:

  (a)   an entity chooses to transfer:

  (i)   under section   417 - 50, an entitlement to deductions; or

  (ii)   under Subdivision   417 - D, an amount of a * tax loss for an income year; and

  (b)   another entity * holds, either directly or indirectly, a * membership interest in that entity;

disregard a * capital loss from a * CGT event that arises in relation to the membership interest after the transfer takes effect, except to the extent that the entity can demonstrate that the loss is attributable to a matter other than the transfer.

Table of sections

417 - 90   Tax losses from transitioned petroleum activities

417 - 95   How choices are made

417 - 100   The effect of choosing to transfer losses

417 - 105   The effect of choosing to apply losses to earlier income years

417 - 110   Continuity of ownership and business continuity tests