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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 960.20

Utilisation--corporate loss carry back

             (1)  For the purposes of subsection 960-20(2) of the Income Tax Assessment Act 1997 , a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).

             (2)  For the purposes of subsection 960-20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160-15(2) of that Act (which was about calculating a loss carry back tax offset component).

Table of sections

960-100    Effect of this Subdivision

960-105    Entities, and members of entities, benefiting from the application of this Subdivision

960-110    No taxation consequences to result from changes to managed investment scheme

960-115    Certain entities treated as agents



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