The Commissioner may amend an assessment to * disallow a transferred amount of a * net capital loss:
(a) if the agreement to transfer the net capital loss is ineffective because the loss company did not actually make the loss; or
(b) to the extent that section 170-165 reduces the transferred amount because the loss company did not actually make some of it.
The Commissioner may do so despite section 170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .
Note: This Subdivision is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .
Australian permanent establishments of foreign financial entities