Document ID: chunk:federal_register_of_legislation:C2010C00575:clause:1_11
Version: federal_register_of_legislation:C2010C00575
Segment Type: clause
Provision Reference: sch 1 cl 11
Character Range: 11917–12942

11  After Division 108
Insert:

Division 110—Income tax‑related transactions

110‑1  What this Division is about

      Some transactions that relate to aspects of income tax are outside the GST system.

110‑5  Transfers of tax losses and net capital losses

 (1) A supply is not a *taxable supply if the supply is:
 (a) the transfer of a *tax loss in accordance with Subdivision 170‑A of the *ITAA 1997; or
 (b) the transfer of a *net capital loss in accordance with Subdivision 170‑B of the ITAA 1997.

 (2) This section has effect despite section 9‑5 (which is about what are taxable supplies).

110‑10  Transfers of excess foreign tax credits

 (1) A supply is not a *taxable supply if:
 (a) the supply is the transfer of an initial excess credit, or an opening excess credit balance, referred to in paragraph 160AFE(1D)(c) of the *ITAA 1936; and
 (b) the transfer is in accordance with section 160AFE of the ITAA 1936.

 (2) This section has effect despite section 9‑5 (which is about what are taxable supplies).