(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