Document ID: chunk:federal_register_of_legislation:C2019C00214:clause:1_1:p4
Version: federal_register_of_legislation:C2019C00214
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 4/7)
Character Range: 18565–21283

for the transfer year;
 (ii) otherwise—the sum of the transferring entity's capital losses for the transfer year; and
 (c) if the receiving entity is a life insurance company—an amount equal to the transferred amount is taken to be a capital loss from complying superannuation/FHSA assets made by the receiving entity on the day of the completion time; and
 (d) if the receiving entity is not a life insurance company—an amount equal to the transferred amount is taken to be a capital loss made by the receiving entity on the day of the completion time.

311‑30  Effect of transferring a tax loss
  To the extent that a loss of a kind referred to in paragraph 311‑20(1)(c) or (d) is transferred to a receiving entity:
 (a) if the loss is for an income year earlier than the transfer year—the transferring entity is taken not to have made the loss for that earlier income year; and
 (b) if the loss is for the transfer year—the following is reduced by an amount equal to the transferred amount:
 (i) if the transferring entity is a *life insurance company—the sum of the transferring entity's deductions covered by subsection 320‑137(4) (about complying superannuation/FHSA assets) for the transfer year;
 (ii) otherwise—the sum of the transferring entity's deductions for the transfer year; and
 (c) for the purposes of sections 36‑15 and 36‑17, an amount equal to the transferred amount is taken to be:
 (i) if the receiving entity is a life insurance company—a *tax loss of the *complying superannuation/FHSA class that the receiving entity incurred for the income year of the receiving entity immediately prior to the income year in which the completion time occurs; or
 (ii) otherwise—a tax loss that the receiving entity incurred for the income year of the receiving entity immediately prior to the income year in which the completion time occurs; and
 (d) for all other purposes of this Act, an amount equal to the transferred amount is taken to be:
 (i) if the receiving entity is a life insurance company—a tax loss of the *complying superannuation/FHSA class that the receiving entity incurred on the day of the completion time; or
 (ii) otherwise—a tax loss that the receiving entity incurred on the day of the completion time.

311‑35  Realisation of certain assets after completion time
 (1) In working out the *net capital loss referred to in paragraph 311‑20(1)(b), or the sum of the transferring entity's *capital losses referred to in paragraph 311‑25(b), treat any amount:
 (a) that is a *capital loss or *capital gain that the transferring entity makes after the completion time; and
 (b) that arises as a result of realisation of assets for the purpose of enabling payment to the receiving entity in