Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 170.1

A company can transfer a surplus amount of its tax loss to another company so
that the other company can deduct the amount in the income year of the
transfer. Both companies must be members of the same wholly-owned group.

Table of sections
170-5    Basic principles for transferring tax losses
Effect of transferring a tax loss
170-10    When a company can transfer a tax loss

170-15    Income company is taken to have incurred transferred loss

170-20    Who can deduct transferred loss

170-25    Tax treatment of payment for transferred tax loss
Conditions for transfer
170-30    Companies must be in existence and members of the same 
wholly-owned group
170-35    The loss company

170-40    The income company

170-45    Maximum amount that can be transferred

170-50    Transfer by written agreement

170-55    Losses must be transferred in order they are incurred

170-60    Income company cannot transfer transferred tax loss
Effect of agreement to transfer more than can be transferred
170-65    Agreement transfers as much as can be transferred

170-70    Amendment of assessments