Document ID: chunk:federal_register_of_legislation:C2014C00672:clause:5_2:p4
Version: federal_register_of_legislation:C2014C00672
Segment Type: clause
Provision Reference: sch 5 cl 2 (pt 4/5)
Character Range: 43877–46449

to the earliest year; and
 (c) how much of the entity's tax loss for the current year (if any) is to be carried back to the middle year.
 (2) The choice must be made in the *approved form by:
 (a) the day the entity lodges its *income tax return for the *current year; or
 (b) such later day as the Commissioner allows.

160‑25  Entity must have been a corporate tax entity during relevant years
 (1) The entity cannot *carry back an amount of a *tax loss to the earliest year unless the entity was a *corporate tax entity throughout the earliest year (disregarding any period when the entity was not in existence) and the middle year.
 (2) The entity cannot *carry back an amount of a *tax loss to the middle year unless the entity was a *corporate tax entity throughout the middle year (disregarding any period when the entity was not in existence).
Note: The entity must be a corporate tax entity throughout the current year: see paragraph 160‑10(a).

160‑30  Transferred tax losses etc. not included
  The entity cannot *carry back an amount of a *tax loss for an income year, to the extent that the loss:
 (a) was transferred to or from the entity under Division 170 or Subdivision 707‑A (about certain company groups); or
 (b) exceeds the amount that would be the entity's tax loss for the year if section 36‑55 (about excess franking offsets) were disregarded.

160‑35  Integrity rule—no loss carry back tax offset if scheme entered into

No loss carry back tax offset if scheme entered into
 (1) The *corporate tax entity cannot *carry back an amount of a *tax loss to an income year (the gain year) if:
 (a) there is a *scheme for a disposition of *membership interests, or an *interest in membership interests, in:
 (i) the corporate tax entity; or
 (ii) an entity that has a direct or indirect interest in the corporate tax entity; and
 (b) the scheme is entered into or carried out during the period:
 (i) starting at the start of the gain year; and
 (ii) ending at the end of the *current year; and
 (c) the disposition results in a change in who controls, or is able to control, (whether directly, or indirectly through one or more interposed entities) the voting power in the corporate tax entity; and
 (d) another entity receives, in connection with the scheme, a *financial benefit calculated by reference to one or more *loss carry back tax offsets to which it was reasonable, at the time the scheme was entered into or carried out, to expect the corporate tax entity would be entitled; and
 (e) having regard to the relevant circumstances of the scheme,