INCOME TAX ASSESSMENT ACT 1997 - SECT 170.70 Amendment of assessments

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.70

    The Commissioner may amend an assessment to disallow a deduction for a transferred amount of a * tax loss:

  (a)   if the agreement to transfer the tax loss is ineffective because the * loss company did not actually incur the loss; or

  (b)   to the extent that section   170 - 65 reduces the transferred amount of a tax loss because the loss company did not actually incur some of it.

The Commissioner may do so despite section   170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .