Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Income Tax Assessment Act 1997
1 After subsection 375 - 805(1)
Insert:
(1A) If an entity's * tax loss is worked out under a provision listed in the table, the film component is what that tax loss would have been if:
(a) the entity's * film deductions for the * loss year had been its only deductions; and
(b) the entity's * assessable film income for the * loss year had been its only assessable income; and
(c) the entity's * net exempt film income for the * loss year had been its only * net exempt income.
However, the film component cannot exceed the actual tax loss.
Working out film component of tax loss | ||
Item | Provision | Type of entity |
1 | 165 - 70 | Company--income year when ownership or control changed |
2 | 175 - 35 | Company--deductions that have been used to obtain a tax benefit disallowed |
2 Subsection 375 - 805(1A) (at the end of the table)
Add:
3 | 268 - 60 in Schedule 2F to the Income Tax Assessment Act 1936 | Trust--income year when ownership or control changed |
3 Subsection 995 - 1(1) (note to paragraph ( a) of the definition of film component )
Repeal the note.
Part 2 -- Income Tax Assessment Act 1936
4 Section 268 - 65 in Schedule 2F
Repeal the section.
5 Application
The amendments made by this Schedule apply to assessments for the 1997 - 98 income year and later income years.