Document ID: chunk:federal_register_of_legislation:C2025C00014:section:177c:p6
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 177C (pt 6/7)
Character Range: 1608285–1610778

the obtaining by a taxpayer of a tax benefit in connection with a scheme is to be read as not including a reference to:
 (a) the assessable income of the taxpayer of a year of income not including an amount that would have been included, or might reasonably be expected to have been included, in the assessable income of the taxpayer of that year of income if the scheme had not been entered into or carried out where:
 (i) the non‑inclusion of the amount in the assessable income of the taxpayer is attributable to the making of a choice under Subdivision 126‑B of the Income Tax Assessment Act 1997 or an agreement under Subdivision 170‑B of that Act; and
 (ii) the scheme consisted solely of the making of the agreement or election; or
 (b) a capital loss being incurred by the taxpayer during a year of income the whole or part of which would not have been, or might reasonably be expected not to have been, incurred by the taxpayer during the year of income if the scheme had not been entered into or carried out where:
 (i) the incurring of the capital loss by the taxpayer is attributable to the making of a choice under Subdivision 126‑B of the Income Tax Assessment Act 1997 or an agreement under Subdivision 170‑B of that Act; and
 (ii) the scheme consisted solely of the making of the agreement or election; or
 (c) an exploration credit being issued to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, issued to the taxpayer if the scheme had not been entered into or carried out, where:
 (i) the issuing of the exploration credit to the taxpayer is attributable to the making of a choice under Division 418 of the Income Tax Assessment Act 1997; and
 (ii) the scheme consisted solely of the making of the choice.
 (3) For the purposes of subparagraph (2)(a)(i), (b)(i), (c)(i), (ca)(i), (d)(i), (e)(i) or (f)(i) or (2A)(a)(i), (b)(i) or (c)(i):
 (a) the non‑inclusion of an amount in the assessable income of a taxpayer; or
 (b) the allowance of a deduction to a taxpayer; or
 (c) the incurring of a capital loss by a taxpayer; or
 (ca) the allowance of a foreign income tax offset to a taxpayer; or
 (caa) the allowance of an innovation tax offset to a taxpayer; or
 (cab) the allowance of a loss carry back tax offset to a taxpayer; or
 (cb) the issuing of an exploration credit to a taxpayer; or
 (cc) the allowance of a refundable R&D tax offset, or a non‑refundable R&D tax offset, to a taxpayer;
is taken to be