Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 170.70

The Commissioner may amend an assessment to disallow a deduction for a
transferred amount of a *tax loss:

   (a)  if the agreement to transfer the tax loss is ineffective because the
        *loss company did not actually incur the loss; or

   (b)  to the extent that section 170- 65 reduces the transferred amount of a
        tax loss because the loss company did not actually incur some of it.
        The Commissioner may do so despite section 170 (Amendment of
        assessments) of the Income Tax Assessment Act 1936.

[The next Division is Division 175.]