Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_20
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 20
Character Range: 90459–92820

20  At the end of section 271‑60 of Schedule 2F
Add:

Company mentioned in paragraph (3)(c)

 (5) This subsection applies to a company if, in its return of income for the income year in which the determination is made or an earlier income year:
 (a) the company deducted an amount in respect of a debt, where it was allowed to do so but, because of section 63B or 63C, or Subdivision 165‑C of the Income Tax Assessment Act 1997, it would not have been if the family trust had not been a family trust; or
 (b) the company deducted a tax loss (within the meaning of the Income Tax Assessment Act 1997) where it was allowed to do so but, because of Subdivision 165‑A of that Act, it would not have been if the family trust had not been a family trust; or
 (c) the company applied a net capital loss (within the meaning of Part IIIA of this Act) where it was allowed to do so but, because of subsection 160ZC(5), it would not have been if the family trust had not been a family trust; or
 (d) the company applied a net capital loss (within the meaning of the Income Tax Assessment Act 1997) where it was allowed to do so but, because of Subdivision 165‑CA of that Act, it would not have been if the family trust had not been a family trust;
 (e) the company did not calculate its taxable income in accordance with section 50C of this Act where it was not required to do so but would have been if the family trust had not been a family trust; or
 (f) the company calculated its taxable income in accordance with section 50C and took into account an amount, by reason of subsection 50D(2), in ascertaining the eligible notional loss of the company under section 50D, where it was required to calculate its taxable income in accordance with section 50C and entitled to take the amount into account but would not have been so entitled if the family trust had not been a family trust; or
 (g) the company did not calculate its taxable income and tax loss under Subdivision 165‑B of the Income Tax Assessment Act 1997 where it was not required to do so but would have been if the family trust had not been a family trust; or
 (h) the company did not calculate its net capital gain and net capital loss under Subdivision 165‑CB of the Income Tax Assessment Act 1997 where it was not required to do so but would have been if the family trust had not been a family trust.