Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies to a * tax loss of a * trust if the trust is a * designated infrastructure project entity at a time (the status time ) in the * loss year.
Modifications of Schedule 2F to the Income Tax Assessment Act 1936
(2) Despite paragraph 266 - 25(1)(b), 266 - 30(a), 266 - 75(1)(b) or (2)(b), 266 - 80(1)(a) or (2)(a), 266 - 110(1)(b), 266 - 115(a), 266 - 150(2)(a), 266 - 155(2)(a), 267 - 20(1)(b) or 267 - 60(a) in Schedule 2F to the Income Tax Assessment Act 1936 , for the purposes of sections 266 - 40 and 266 - 45, section 266 - 90, subsections 266 - 125(1) and (2), subsections 266 - 165(1) and (2), sections 267 - 40 and 267 - 45 or sections 267 - 70 and 267 - 75 in that Schedule (whichever are applicable), the test period starts at the first time:
(a) that occurs after the status time; and
(b) at which the trust is not a * designated infrastructure project entity;
if, apart from this subsection, the test period would start earlier.
(3) For the purposes of section 267 - 30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.
(4) For the purposes of working out, under subsection 268 - 10(3), 268 - 15(3) or 268 - 20(3) in that Schedule, the end of the first period, disregard any part of the income year mentioned in that subsection during which the trust is a * designated infrastructure project entity.
Note: A trust does not calculate its net income and tax loss under Division 268 in that Schedule if the trust was a designated infrastructure project entity during the whole of the income year: see paragraphs 266 - 30(c), 266 - 80(1)(d) and (2)(c), 266 - 115(b), 266 - 155(2)(b), 267 - 60(b) and 272 - 100(f) in that Schedule.
(5) For the purposes paragraph 268 - 20(4)(b) in that Schedule, disregard any part of the first of the successive periods during which the trust is a * designated infrastructure project entity.