Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 175.15

(1) The Commissioner may disallow the *excluded loss if:

   (a)  a person has obtained or will obtain a tax benefit in connection with
        a *scheme; and

   (b)  the scheme would not have been entered into or carried out if the
        excluded loss had not been available to be taken into account for the
        purposes of:
. Division 36 (which is about tax losses of earlier years);
. Division 165 (which is about the income tax consequences of changing
ownership or control of a company);
. Subdivision 375-G (which is about *film losses).

(2) However, the Commissioner cannot disallow the *excluded loss if:

   (a)  the person had a *shareholding interest in the company at some time
        during the income year; and

   (b)  the Commissioner considers the tax benefit to be fair and reasonable
        having regard to that shareholding interest.

(3) An expression means the same in this section as in Part IVA of the
Income Tax Assessment Act 1936.