Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_107
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 107
Character Range: 77535–79180

107  Subsection 45‑330(3) in Schedule 1 (method statement)
Repeal the method statement, substitute:

      Method statement
           Step 1. Recalculate the taxable income of the *ordinary class for the *base assessment on the basis that it did not include any *net capital gain.
           Step 2. Add to the step 1 result the deductions for *tax losses of the *ordinary class that were used in making the *base assessment.
           Step 3. Reduce the step 2 result by the lesser of the following amounts:

                (a) the amount of any *tax losses of the *ordinary class, to the extent that the company can carry them forward to the next income year;
                (b) deductions for tax losses of the ordinary class that were used in making the *base assessment.

           Step 4. Add to the step 3 result the taxable income of the *complying superannuation class for the *base assessment.
           Step 5. Add to the step 4 result the deductions for *tax losses of the *complying superannuation class that were used in making the *base assessment.
           Step 6. Reduce the step 5 result by the lesser of the following amounts:

                (a) the amount of any *tax losses of the *complying superannuation class, to the extent that the company can carry them forward to the next income year;
                (b) deductions for tax losses of the complying superannuation class that were used in making the *base assessment.

            The result of this step is the adjusted taxable income of the company for the *base year.

Part 7—Amendments commencing on Royal Assent

Income Tax Assessment Act 1936