Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 170.15

(1) If an amount of a *tax loss is transferred, the *amount is taken to be a
tax loss incurred by the *income company in the *loss year.

(2) However, if the *loss year is the same as the *income year of the
transfer, the *income company is taken to have incurred the *tax loss in the
income year before the loss year. Note: This rule is needed because Division
36 allows a tax loss to be deducted only if it was incurred in an earlier
income year.