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INCOME TAX ASSESSMENT ACT 1997 - SECT 415.25

Tax losses of trusts

Scope

             (1)  This section applies to a * tax loss of a * trust if the trust is a * designated infrastructure project entity at a time (the status time ) in the * loss year.

Modifications of Schedule 2F to the Income Tax Assessment Act 1936

             (2)  Despite paragraph 266-25(1)(b), 266-30(a), 266-75(1)(b) or (2)(b), 266-80(1)(a) or (2)(a), 266-110(1)(b), 266-115(a), 266-150(2)(a), 266-155(2)(a), 267-20(1)(b) or 267-60(a) in Schedule 2F to the Income Tax Assessment Act 1936 , for the purposes of sections 266-40 and 266- 45, section 266-90, subsections 266-125(1) and (2), subsections 266-165(1) and (2), sections 267-40 and 267- 45 or sections 267-70 and 267-75 in that Schedule (whichever are applicable), the test period starts at the first time:

                     (a)  that occurs after the status time; and

                     (b)  at which the trust is not a * designated infrastructure project entity;

if, apart from this subsection, the test period would start earlier.

             (3)  For the purposes of section 267-30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.

             (4)  For the purposes of working out, under subsection 268-10(3), 268-15(3) or 268-20(3) in that Schedule, the end of the first period, disregard any part of the income year mentioned in that subsection during which the trust is a * designated infrastructure project entity.

Note:          A trust does not calculate its net income and tax loss under Division 268 in that Schedule if the trust was a designated infrastructure project entity during the whole of the income year: see paragraphs 266-30(c), 266-80(1)(d) and (2)(c), 266-115(b), 266-155(2)(b), 267-60(b) and 272-100(f) in that Schedule.

             (5)  For the purposes paragraph 268-20(4)(b) in that Schedule, disregard any part of the first of the successive periods during which the trust is a * designated infrastructure project entity.



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