Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 170.55

  (1)   If the * loss company has 2 or more * tax losses (other than * film losses) that it can transfer in the * deduction year, it can transfer them only in the order in which it incurred them.

  (2)   If the * loss company has 2 or more * film losses that it can transfer in the * deduction year, it can transfer them only in the order in which it incurred them.

  (3)   If:

  (a)   the * loss company has 2 or more * tax losses, or 2 or more * film losses, it can transfer for the * deduction year; and

  (b)   it incurred at least one of those losses apart from Subdivision   707 - A and at least one of those losses because of a transfer under that Subdivision;

it can transfer under this Subdivision the losses it incurred because of a transfer under Subdivision   707 - A only after transferring under this Subdivision the losses it incurred apart from that Subdivision.

  (4)   For the purposes of subsection   (3), treat a loss incurred by the company both apart from that Subdivision and because of a transfer under that Subdivision as a loss incurred because of a transfer under that Subdivision.

  (5)   Subsections   (1) and (2) have effect subject to subsection   (3).