Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 170.40

The income company

             (1)  The * income company must be an Australian resident and not a * prescribed dual resident.

             (2)  It must not be prevented by Division 165 or 175 from deducting the transferred amount in the * deduction year. Those Divisions do not apply to the * income company if the * loss year and the * deduction year are the same.

Note 1:       Division 165 deals with the income tax consequences of changing ownership or control of a company. Division 175 deals with using a company's tax losses to avoid income tax.

Note 2:       The condition in subsection (2) may not apply in some cases. See section 170-42.



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