Document ID: chunk:federal_register_of_legislation:C2010C00610:clause:7_10:p4
Version: federal_register_of_legislation:C2010C00610
Segment Type: clause
Provision Reference: sch 7 cl 10 (pt 4/4)
Character Range: 49740–50711

205‑80  Application of Subdivision C of Division 5 of the Income Tax Assessment Act 1936

 (1) This section applies if Subdivision C of Division 5 of the Income Tax Assessment Act 1936 would, apart from section 160AOAA of that Act, apply in relation to an entity's assessment for a year of income that ends before 1 July 2002.

 (2) Section 160AOAA of that Act does not prevent:
 (a) the making of a determination under that Subdivision on or after that date for an offset to reduce the entity's income tax liability for that year of income; and
 (b) the operation of any provision in that Subdivision in relation to that determination.

 (3) However, in working out the amount of that offset, any liabilities to pay franking deficit tax or deficit deferral tax that have been taken into account in working out a tax offset under section 205‑70 of the Income Tax Assessment Act 1997 must be disregarded.

Part 3—Consequential amendments

Income Tax Assessment Act 1936