Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 170.50

Transfer by written agreement

             (1)   The transfer must be made by a written agreement between the * loss company and the * income company.

             (2)   The agreement must:

                     (a)  specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and

                     (b)  specify the amount of the * tax loss being transferred; and

                     (c)  be signed by the public officer of each company; and

                     (d)  be made on or before the day of lodgement of the * income company's * income tax return for the * deduction year, or within such further time as the Commissioner allows.

Note:          The agreement will usually be made in the next income year after the one for which the income company will deduct the loss.



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