Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 830.115

Tax losses cannot be transferred to a foreign hybrid

             (1)  If an entity is a * foreign hybrid in relation to an income year, it cannot deduct in that income year a * tax loss for a * loss year in relation to which it was not a foreign hybrid.

Former foreign hybrid can deduct tax losses for income years before it became a foreign hybrid

             (2)  This section does not prevent an entity that:

                     (a)  is not a * foreign hybrid in relation to an income year (the post-hybrid year ); and

                     (b)  was a foreign hybrid in relation to a previous income year; and

                     (c)  was not a foreign hybrid in relation to an income year (the pre-hybrid year ) before the previous year;

from deducting, in the post-hybrid year, a * tax loss for the pre-hybrid year.



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