Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:1_3:p18
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 18/20)
Character Range: 138539–143484

the losses in the *bundle than the transferee would have been able to utilise (apart from this section) under the conditions in subsections (3), (4) and (5).

 (3) The first condition is that the only amount of the transferee's income or gains (if any) of a kind described in column 1 of an item of the table for the income year is the *available fraction of the amount worked out as described in column 2 of the item having regard to:
 (a) the transferee's income or gains for the income year apart from this section; and
 (b) the transferee's deductions for the income year and losses, except losses transferred to the transferee under Subdivision 707‑A.

Income and gains
Column 1                                                                                                                                                                                                  Column 2
The transferee's income or gains of this kind:                                                                                                                                                            Are worked out by reference to this amount:
  1 *Capital gains                                                                                                                                                                                        The result of:
                                                                                                                                                                                                          (a) step 2 of the method statement in subsection 102‑5(1); or
                                                                                                                                                                                                          (b) step 3 of the method statement in section 165‑111;
                                                                                                                                                                                                          (as appropriate) for the transferee and the income year
  2 Assessable foreign income of a particular class, as defined in section 160AFD of the Income Tax Assessment Act 1936                                                                                   The transferee's assessable foreign income of the class for the income year reduced by the total of the transferee's foreign income deductions (if any), as defined in that section, for the income year in relation to the class
  3 *Exempt film income                                                                                                                                                                                   The transferee's *net exempt film income for the income year remaining after deduction of the transferee's *film losses (if any)
  4 *Assessable film income                                                                                                                                                                               The transferee's *net assessable film income for the income year remaining after deduction of the transferee's *film losses (if any)
  5 *Exempt income other than *exempt film income and *excluded exempt income                                                                                                                             The amount of the transferee's *net exempt income for the income year that would have remained after deducting from it the transferee's *tax losses (if any), assuming the amount of that income were what it would have been had the transferee not had *exempt film income for the year
  6 Assessable income that is not attributable to *capital gains, is not assessable foreign income as defined in section 160AFD of the Income Tax Assessment Act 1936 and is not *assessable film income  The amount (if any) that would have been the transferee's taxable income (if any) for the income year if the transferee had not had for the income year:
                                                                                                                                                                                                          (a) any *net capital gain; or
                                                                                                                                                                                                          (b) any assessable foreign income; or
                                                                                                                                                                                                          (c) any *net assessable film income

 (4) The second condition is that once the amounts of the transferee's income or gains have been worked out under subsection (3) they are not reduced by:
 (a) deductions, or