INCOME TAX ASSESSMENT ACT 1997 - SECT 170.50 Transfer by written agreement

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.50

  (1)   The transfer must be made by a written agreement between the * loss company and the * income company.

  (2)   The agreement must:

  (a)   specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and

  (b)   specify the amount of the * tax loss being transferred; and

  (c)   be signed by the public officer of each company; and

  (d)   be made on or before the day of lodgement of the * income company's * income tax return for the * deduction year, or within such further time as the Commissioner allows.

Note:   The agreement will usually be made in the next income year after the one for which the income company will deduct the loss.