Document ID: chunk:federal_register_of_legislation:C2010C00602:clause:8_7
Version: federal_register_of_legislation:C2010C00602
Segment Type: clause
Provision Reference: sch 8 cl 7
Character Range: 30049–30817

7  Subsections 707‑350(5) and (6)
Repeal the subsections, substitute:

Making choice

 (5) The transferee may choose that this section apply to the utilisation for any income year of all losses (of any sort) in the bundle that meet the conditions in paragraphs (1)(a), (b), (c) and (d). The transferee may do so only by the later of:
 (a) the day on which it lodges its income tax return for the first income year for which it could utilise any losses transferred to it under Subdivision 707‑A of the Income Tax Assessment Act 1997 (as described in subsection (1) or otherwise); and
 (b) the end of 31 December 2004.

When choice has effect

 (6) The choice has effect for that income year and all later income years (and cannot be revoked after 31 December 2004).