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INCOME TAX ASSESSMENT ACT 1997 - SECT 705.100 Losses accruing to joined group before joining time--step 5 in working out allocable cost amount

INCOME TAX ASSESSMENT ACT 1997 - SECT 705.100

Losses accruing to joined group before joining time--step 5 in working out allocable cost amount

  (1)   For the purposes of step 5 in the table in section   705 - 60, the step 5 amount is the sum of all losses of any * sort of the joining entity that:

  (a)   had not been * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and

  (b)   accrued to the joined group before the joining time (see subsection   705 - 90(8)).

  (2)   However, a loss is not to be taken into account under subsection   (1) to the extent that it reduced the undistributed profits comprising the step 3 amount in the table in section   705 - 60.

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