Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.115T

Reduction of certain amounts included in company's overall loss at alteration time

  (1)   In working out under section   165 - 115R or 165 - 115S whether a company was a * loss company at an alteration time (the current alteration time ), if a loss (the realised loss ) referred to in paragraph   165 - 115R(3)(a), (b), (c) or (d) or 165 - 115S(3)(a) or (b) that the company had at the current alteration time reflected an amount of a notional revenue loss, a trading stock decrease or a notional capital loss included in an adjusted unrealised loss, that the company had at a previous alteration time, the realised loss is taken to be reduced by that amount.

Note 1:   For notional revenue loss and notional capital loss see section   165 - 115V.

Note 2:   For trading stock decrease see section   165 - 115W.

  (2)   Subsection   (1) does not apply to an adjusted unrealised loss that the company had at a previous alteration time if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at that previous time.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback