INCOME TAX ASSESSMENT ACT 1997 - SECT 170.20 Who can deduct transferred loss

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.20

  (1)   If an amount of a * tax loss is transferred, the * income company can deduct the amount in accordance with section   36 - 17 (which is about how to deduct a tax loss), but only for the income year of the income company for which the amount is transferred. That income year is called the deduction year .

  (2)   The * loss company can no longer * utilise the transferred amount and is taken not to have incurred the * tax loss to the extent of that amount.