Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax (Transitional Provisions) Act 1997
1 Paragraph 707 - 325(1)(a)
Omit "increase", substitute "work out".
2 Subsection 707 - 325(3) (heading)
Repeal the heading, substitute:
Adding to the modified market value of the real loss - maker
3 Subsection 707 - 325(3)
Omit "the modified market value of the real loss - maker at the initial transfer time were increased by", substitute "there were added to the modified market value of the real loss - maker at the initial transfer time".
4 At the end of subsection 707 - 325(3)
Add:
Note: The amount worked out using the formula will be nil if the value donor's modified market value at the initial transfer time is nil. Even if the amount is nil, section 707 - 327 may treat losses transferred by the value donor to the transferee as if they were included in the bundle of losses transferred by the real loss - maker to the transferee.
5 Subsection 707 - 325(5) (heading)
Repeal the heading, substitute:
Choice to work out available fraction using this section
6 Subsection 707 - 325(5)
Omit "increase", substitute "work out".
7 Paragraph 707 - 327(1)(a)
Repeal the paragraph, substitute:
(a) the available fraction for a bundle of other losses is worked out, because of section 707 - 325, as if there were added to the modified market value of the real loss - maker of the other losses an amount worked out under that section by reference to the value donor's modified market value; and
8 At the end of subsection 707 - 327(1)
Add:
Note: This section has effect even if the amount added to the real loss - maker's modified market value under section 707 - 325 is nil because the value donor's modified market value is nil.
9 Paragraph 707 - 327(2)(b)
Repeal the paragraph, substitute:
(b) each other company (if any) for which it is the case that the available fraction for the bundle is worked out, because of another application of section 707 - 325, as if there were added to the real loss - maker's modified market value an amount worked out by reference to the company.
10 Subsection 707 - 327(6) (note)
Omit "working out an increased available fraction for a bundle of losses under section 707 - 325", substitute "section 707 - 325 to apply in relation to the working out of the available fraction for a bundle of losses".