Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p6
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 6/21)
Character Range: 363601–366188

Act 1997 do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity.
 (4) A determination under subsection (3) is not a legislative instrument.

205‑75  Working out the tax offset for the first income year

First income year and relevant liabilities
 (1) This section applies to a corporate tax entity in relation to:
 (a) this income year of the entity (the first income year):
 (i) the 2001‑2002 income year if subsection 205‑70(2) applies to the entity; or
 (ii) the 2002‑2003 income year if subsection 205‑70(2) does not apply to the entity; and
 (b) amounts of liabilities incurred by the entity (the relevant liabilities) that:
 (i) are covered by paragraph (1)(a) of former section 160AQK or of former section 160AQKAA (as appropriate) of the Income Tax Assessment Act 1936; and
 (ii) have not been applied under that Act to reduce the entity's income tax liabilities for an earlier income year.

Relevant liabilities carried forward to the first income year
 (2) Section 205‑70 of the Income Tax Assessment Act 1997 has effect in relation to the entity as if:
 (a) so much of the relevant liabilities as were incurred by the entity during the first income year were liabilities to pay franking deficit tax under that Act; and
 (b) so much of the relevant liabilities as were incurred by the entity before the start of the first income year were the excess mentioned in paragraph (1)(c) of that section.
 (3) Subsection (2) has effect only for the purposes of working out:
 (a) whether or not the entity is entitled to a tax offset under section 205‑70 of the Income Tax Assessment Act 1997 for the first income year or a later income year; and
 (b) the amount of that tax offset.

205‑80  Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936
 (1) This section applies if Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936 would, apart from former 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) Former 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