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INCOME TAX ASSESSMENT ACT 1997 - SECT 170.1 What this Subdivision is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.1

What this Subdivision is about

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. One of the companies must be an Australian branch of a foreign bank, and 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 consideration for transferred tax loss

Conditions for transfer

170 - 30   Companies must be in existence and members of the same wholly - owned group etc.

170 - 32   Tax loss incurred by the loss company because of a transfer under Subdivision   707 - A

170 - 33   Alternative test of relations between the loss company and other companies

170 - 35   The loss company

170 - 40   The income company

170 - 42   If the income company has become the head company of a consolidated group or MEC group

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

Australian permanent establishments of foreign financial entities

170 - 75   Treatment like Australian branches of foreign banks

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