Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.255

  (1)   This section and section   719 - 260 have effect for the purposes of working out whether a loss can be * utilised for an income year (the claim year ) by a company (the focal company ) that made the loss if:

  (a)   section   165 - 12 is relevant to the question whether the focal company can utilise the loss; and

  (b)   the focal company is the * head company of a * MEC group at any time in its * ownership test period for the loss (as affected by section   707 - 205, if relevant).

Note:   If the focal company made the loss because of a transfer under Subdivision   707 - A, section   707 - 205 has the effect that the ownership test period starts for the focal company at the time of the transfer.

Section   707 - 210 does not have effect

  (2)   Section   707 - 210 does not have effect for the purposes of working out whether the focal company can * utilise the loss for the claim year.

Note:   Section   707 - 210 is about whether a company can utilise a loss it made because the loss was transferred to it under Subdivision   707 - A because the transferor met the conditions in section   165 - 12.