INCOME TAX ASSESSMENT ACT 1997 - SECT 170.155 Losses must be transferred in order they are made

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.155

  (1)   If the loss company has 2 or more * net capital losses that it can transfer in the application year, it can transfer them only in the order in which it made them.

  (2)   If:

  (a)   the * loss company has 2 or more * net capital losses it can transfer for the application year; and

  (b)   it made at least one of those losses apart from Subdivision   707 - A and at least one of those losses because of a transfer under that Subdivision;

it can transfer under this Subdivision the losses it made because of a transfer under Subdivision   707 - A only after transferring under this Subdivision the losses it made apart from that Subdivision.

  (3)   For the purposes of subsection   (2), treat a loss made by the company both apart from Subdivision   707 - A and because of a transfer under that Subdivision as a loss made because of a transfer under that Subdivision.

  (4)   Subsection   (1) has effect subject to subsection   (2).