INCOME TAX ASSESSMENT ACT 1997 - SECT 830.115 Tax losses cannot be transferred to a foreign hybrid

INCOME TAX ASSESSMENT ACT 1997 - SECT 830.115

  (1)   If an entity is a * foreign hybrid in relation to an income year, it cannot deduct in that income year a * tax loss for a * loss year in relation to which it was not a foreign hybrid.

Former foreign hybrid can deduct tax losses for income years before it became a foreign hybrid

  (2)   This section does not prevent an entity that:

  (a)   is not a * foreign hybrid in relation to an income year (the post - hybrid year ); and

  (b)   was a foreign hybrid in relation to a previous income year; and

  (c)   was not a foreign hybrid in relation to an income year (the pre - hybrid year ) before the previous year;

from deducting, in the post - hybrid year, a * tax loss for the pre - hybrid year.