Document ID: chunk:federal_register_of_legislation:C2020C00244:clause:2_1:p6
Version: federal_register_of_legislation:C2020C00244
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 6/11)
Character Range: 45747–48483

the transferring entity held by the original fund.

310‑35  Effect of transferring a net capital loss
 (1) To the extent that an earlier year net capital loss is transferred to a receiving entity:
 (a) the transferring entity is taken not to have made the loss for that earlier income year; and
 (b) an amount equal to the transferred amount is taken to be:
 (i) if the receiving entity is a *life insurance company—a *capital loss from *complying superannuation/FHSA assets made by the receiving entity for that earlier year; and
 (ii) otherwise—a capital loss made by the receiving entity for that earlier year.
 (2) To the extent that a transfer year net capital loss is transferred to a receiving entity:
 (a) if the transferring entity is a *life insurance company—the sum of the transferring entity's *capital losses from *complying superannuation/FHSA assets for the transfer year is reduced by an amount equal to the transferred amount; and
 (b) if the transferring entity is not a life insurance company—the sum of the transferring entity's capital losses for the transfer year is reduced by an amount equal to the transferred amount; 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 for the transfer year; 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 for the transfer year.

310‑40  Effect of transferring a tax loss
 (1) To the extent that an earlier year tax loss is transferred to a receiving entity:
 (a) the transferring entity is taken not to have incurred the loss for that earlier income year; and
 (b) 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 incurred by the receiving entity for that earlier year; and
 (ii) otherwise—a tax loss incurred by the receiving entity for that earlier year.
 (2) To the extent that a transfer year tax loss is transferred to a receiving entity:
 (a) 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 is reduced by an amount equal to the transferred amount; and
 (b) if the transferring entity is not a life insurance company—the sum of the transferring entity's deductions for the transfer year is reduced by an amount equal to the transferred amount; and
 (c) if the receiving entity is a life insurance company—an amount equal