Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 705.110

  (1)   For the purposes of step 6 in the table in section   705 - 60, the step 6 amount is worked out by multiplying the sum of the losses mentioned in subsection   (2) by the * corporate tax rate.

  (2)   The losses are the joining entity's losses of any * sort that:

  (a)   were not * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and

  (b)   did not accrue to the joined group before the joining time (see subsection   705 - 90(8)); and

  (c)   are transferred to the * head company under Subdivision   707 - A; and

  (d)   are not cancelled under section   707 - 145.