Document ID: chunk:federal_register_of_legislation:C2012A00115:clause:1_6:p6
Version: federal_register_of_legislation:C2012A00115
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 6/6)
Character Range: 14712–17183

for an income year as having a tax loss for the year of a nil amount; and
 (c) treat an entity that has no *net capital loss for an income year as having a net capital loss for the year of a nil amount.

Consequential adjustment—determinations
 (4) The Commissioner may make one or more of the following determinations, in writing, for the purpose of adjusting an amount as mentioned in paragraph (1)(c) or (2)(c):
 (a) a determination of an amount by which the taxable income of the disadvantaged entity for an income year is decreased;
 (b) a determination of an amount by which the tax loss of the disadvantaged entity for an income year is increased;
 (c) a determination of an amount by which the *net capital loss of the disadvantaged entity for an income year is increased;
 (d) a determination of an amount by which the *withholding tax payable by the disadvantaged entity in respect of interest or royalties is decreased.
 (5) The Commissioner may take such action as the Commissioner considers necessary to give effect to a determination under this section.
 (6) The Commissioner must give a copy of a determination under this section to the disadvantaged entity.
 (7) A failure to comply with subsection (6) does not affect the validity of the determination.
 (8) To avoid doubt, the Commissioner may include all or any determinations under this section in relation to a particular entity, including determinations of different kinds, in the same document.
 (9) An entity may give the Commissioner a written request to make a determination under this section relating to the entity. The Commissioner must decide whether or not to grant the request, and give the entity notice of the Commissioner's decision.
 (10) If an entity is dissatisfied with the Commissioner's decision, the entity may object, in the manner set out in Part IVC of the Taxation Administration Act 1953, against that decision.

815‑40  No double taxation
 (1) The amount of a *transfer pricing benefit that is negated under this Subdivision for an entity is not to be taken into account again under another provision of this Act to increase the entity's assessable income, reduce the entity's deductions or reduce a *net capital loss of the entity.
 (2) Subsection (1) has effect despite section 136AB of the Income Tax Assessment Act 1936.
 (3) Nothing in this Subdivision limits Division 820 (about thin capitalisation) in its application to further reduce *debt deductions of an entity.