INCOME TAX ASSESSMENT ACT 1997 - SECT 175.1 What this Division is about
INCOME TAX ASSESSMENT ACT 1997 - SECT 175.1
What this Division is aboutThe Commissioner can reverse the effect of schemes that, in order to avoid tax, bring together in the same company:
ï‚· assessable income; and
ï‚· tax losses, current year deductions, or deductions for bad debts, that apart from the scheme would not be fully used.
175 - 5 When Commissioner can disallow deduction for tax loss
175 - 10 First case: income or capital gain injected into company because of available tax loss
175 - 15 Second case: someone else obtains a tax benefit because of
tax loss available to company