INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 No. 40 of 1997 - SECT 36.110 Tax losses for 1957-58 to 1988-89 income years

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 No. 40 of 1997 - SECT 36.110

(1) If you incurred a loss for the purposes of section 80AA (Primary
production losses of pre-1990 years of income) of the Income Tax  Assessment
Act 1936 in any of the 1957-58 to 1988-89 income years, the loss is your tax
loss for that income year, which is called a loss year. The loss is also
called a primary production loss.

(2) You can deduct the tax loss in the 1997-98 or a later income year only to
the extent that it has not already been deducted.

(3) You deduct your primary production losses (in the order in which you
incurred them) before any other tax losses of the same or any other loss year,
except film losses.

(4) A company cannot transfer any amount of a primary production loss for the
1983-84 or an earlier income year under Subdivision 170-A (Transfer of tax
losses within wholly-owned groups of companies) of the
Income Tax Assessment Act 1997.

(5) For the purposes of determining how much (if any) of a primary production
loss you can deduct in the 1997-98 or a later income year, subsections
80AA(9), (10) and (11) of the Income Tax Assessment Act  1936 apply in the
same way as they apply for the purposes they refer to.

[The next heading is the heading to Part 2-10.]