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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 167.1

Application of provisions

             (1)  Division 167 of the Income Tax Assessment Act 1997 applies:

                     (a)  to any tax loss that is incurred in an income year commencing on or after 1 July 2002; and

                     (b)  to any net capital loss that is made in an income year commencing on or after 1 July 2002; and

                     (c)  to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 2002; and

                     (d)  in determining whether any changeover time or alteration time occurred on or after 1 July 2002.

             (2)  Division 167 of the Income Tax Assessment Act 1997 also applies:

                     (a)  to any tax loss of a company:

                              (i)  that is incurred in an income year commencing on or before 30 June 2002; and

                             (ii)  that could have been deducted, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the deduction had not been limited by the company's income for that income year; and

                     (b)  to any net capital loss of a company:

                              (i)  that is made in an income year commencing on or before 30 June 2002; and

                             (ii)  that could have been applied, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the application of the loss had not been limited by the company's capital gains for that income year.

Table of Subdivisions

170-A   Transfer of tax losses within certain wholly-owned groups of companies

170-B    Transfer of net capital losses within certain wholly-owned groups of companies

170-C    Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies

170-D   Transfer of life insurance business

Table of sections

170-45      Special rules affecting utilisation of losses in a bundle do not affect the amount of a tax loss that can be transferred

170-55      Ordering rule for losses previously transferred under Subdivision 707-A of the Income Tax Assessment Act 1997



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