Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p47
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 47/59)
Character Range: 7984522–7987106

period.
look‑through earnout right has the meaning given by subsection 118‑565(1) or (4).
losing entity for an *indirect value shift has the meaning given by section 727‑150.
loss carry back choice has the meaning given by section 160‑15.
loss carry back tax offset has the meaning given by section 160‑5.
loss carry back tax offset component has the meaning given by subsection 160‑10(2).
loss company:
 (a) at a particular time, has the meaning given by section 165‑115R or 165‑115S; and
 (b) in relation to a transfer of a *tax loss or a *net capital loss has the meaning given by section 170‑10 or 170‑110.
loss denial balance of a *loss denial pool of an entity has the meaning given by sections 715‑60, 715‑70, 715‑110, 715‑135, 715‑355 and 715‑360.
loss denial pool of an entity has the meaning given by sections 715‑60, 715‑70, 715‑110, 715‑135, 715‑355 and 715‑360.
loss exposure amount has the meaning given by section 830‑60.
loss‑focussed basis has the meaning given by section 727‑780.
loss year has the meaning given by sections 36‑10, 165‑70 and 175‑35.
Note: The meaning of loss year in sections 36‑10, 165‑70 and 175‑35 is modified by section 36‑55 for a corporate tax entity that has an amount of excess franking offsets.
low‑cost asset has the meaning given by section 40‑425.
low rate cap amount has the meaning given by section 307‑345.
low tax component has the meaning given by section 295‑545.
low tax contributions has the meaning given by sections 293‑25 and 293‑105.
low‑value asset has the meaning given by section 40‑425.
luxury car: a *car is a luxury car at a time if section 40‑230 would reduce its *cost as a *depreciating asset if an entity acquired it at that time for its *market value.
Note 1: Division 242 treats a lease of a luxury car as a notional sale of the car by the lessor to the lessee financed by a notional loan by the lessor to the lessee.
Note 2: Section 242‑10 of the Income Tax (Transitional Provisions) Act 1997 extends this definition to cover reductions of cost under former provisions corresponding to section 40‑230.
luxury car lease payment, in relation to a *car to which Division 242 (about luxury car leases) applies, means an amount that the lessee under the lease is required to pay for the rental or hire of the car, but does not include:
 (a) an amount in the nature of a penalty payable for failure to make a payment for rental or hire on time; or
 (b) a *termination amount.
luxury car lease payment period means a period for which a *luxury car lease payment under the lease is allocated or expressed to be payable.