Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 175.35

(1) If a company has a taxable income for an income year because the
Commissioner disallows under this Subdivision deductions of the company for
the income year (or parts of them), the company may also have a tax loss for
the income year.

(2) The company's tax loss for the income year is calculated as follows.

(3) Total what the Commissioner has disallowed under this Subdivision.

(4) If the company has exempt income for the income year, subtract its *net
exempt income.

(5) Any amount remaining is the company's tax loss for the income year, which
is called a loss year. To find out how much of the tax loss can be deducted in
later income years: see Subdivision 165-A. To find out how to deduct it: see
section 36-15.

[The next Subdivision is Subdivision 175-D.]