s 960-20
In forceUtilisation—corporate loss carry back
Chapter 6The Dictionary
Part 6-1Concepts and topics
Division 960General
Subdivision 960-BUtilisation of tax attributes
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).
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