Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 170.150

Transfer by written agreement

  (1)   The transfer must be made by a written agreement between the loss company and the gain company.

  (2)   The agreement must:

  (a)   specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and

  (b)   specify the amount of the * net capital loss being transferred; and

  (c)   be signed by the public officer of each company; and

  (d)   be made on or before the day of lodgment of the gain company's * income tax return for the application year, or within such further time as the Commissioner allows.

Note:   The agreement will usually be made in the next income year after the one for which the gain company will apply the loss.


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