INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 170.20 Who can deduct transferred loss

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 170.20

(1) If an amount of a *tax loss is transferred, the *income company can deduct
the amount in accordance with section 36-15 (which is about how to deduct a
tax loss), but only for the income year of the income company for which the
amount is transferred. That income year is called the deduction year.

(2) The *loss company can no longer deduct the transferred amount and is taken
not to have incurred the *tax loss to the extent of that amount.