Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 3) 1992No. 98, 1992 - SECT 10

10. Section 80G of the Principal Act is amended by inserting after subsection
(9) the following subsections:

"(9A) If the loss company was a PDF throughout the last day of the loss year,
the right to an allowable deduction in respect of any part of the loss
incurred by the loss company in the loss year must not be transferred.

"(9B) However, if:

   (a)  the loss company became a PDF during the loss year and was still a PDF
        at the end of the loss year; and

   (b)  the loss company incurred a loss in the loss year otherwise than
        because of section 79EA; subsection (9A) does not apply to so much of
        the loss as does not exceed the loss (if any) that, if the period
        ('the notional year') beginning at the start of the loss year and
        ending immediately before the loss company became a PDF were a year of
        income of the loss company, the loss company would be taken to incur
        in the notional year.".