Document ID: chunk:federal_register_of_legislation:C2025C00029:section:11:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 11 (pt 8/64)
Character Range: 3314363–3317007

offset

195‑37  PDF cannot carry back tax loss
  A company that:
 (a) has a *tax loss for an income year; and
 (b) is a *PDF at the end of the income year;
cannot *carry back the loss to an earlier income year for the purposes of working out the amount of the company's *loss carry back tax offset for the 2020‑21, 2021‑22 or 2022‑23 income year (the offset year) unless the company is a PDF throughout the earlier income year and the offset year.

Subdivision 195‑B—Limited partnerships

Guide to Subdivision 195‑B

195‑60  What this Subdivision is about

      This Subdivision contains rules about the income tax treatment of limited partnerships that become, or cease to be, venture capital limited partnerships, early stage venture capital limited partnerships, Australian venture capital funds of funds or venture capital management partnerships.
      It also allows the Commissioner to determine how to take account of limited partnerships having income years of less than 12 months when they become, or cease to be, venture capital limited partnerships, early stage venture capital limited partnerships, Australian venture capital funds of funds or venture capital management partnerships.

Table of sections

Operative provisions
195‑65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
195‑70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
195‑72 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
195‑75 Determinations to take account of income years of less than 12 months

Operative provisions

195‑65  Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
  A *limited partnership's *tax loss for a *loss year cannot be deducted in a later income year during which the partnership is a *VCLP, an *ESVCLP, an *AFOF or a *VCMP.

195‑70  Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
  This Subdivision does not prevent a *limited partnership that has ceased to be a *VCLP, an *ESVCLP, an *AFOF or a *VCMP from deducting, in an income year, a *tax loss for a *loss year that occurred before the partnership was a VCLP, ESVCLP, AFOF or VCMP.

195‑72  Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
  A *limited partnership's *tax loss for a *loss year cannot be *carried back to an income year during which the partnership was a *VCLP, an *ESVCLP, an *AFOF or a *VCMP.

195‑75  Determinations to take account of income years of less than 12 months
 (1) The Commissioner may, by legislative instrument, make