Document ID: chunk:federal_register_of_legislation:C2019A00059:clause:1_1:p8
Version: federal_register_of_legislation:C2019A00059
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/10)
Character Range: 20361–22827

(2)(e) for an income year must not exceed the sum of:
 (i) the amount of your franking surplus at the end of that year; and
 (ii) the product of the amount of that surplus and the *corporate tax gross‑up rate.
 (4) In working out for the purposes of paragraph (3)(a) the total amount chosen to be transferred or applied under subsection (2) for an income year, disregard:
 (a) any part of the *tax loss attributable to deductions for assets allocated to a project pool under section 417‑35; and
 (b) any part of the *tax loss attributable to deductions for assets allocated to a project pool under Subdivision 40‑I, to the extent that the deductions relate to *project amounts to which subsection 417‑45(1) or (2) applies.
 (5) In working out for the purposes of paragraph (3)(a) the total amount on which your liability for *foreign income tax under the law of Timor‑Leste is required to be worked out, disregard the amounts of any deductions for tax paid under the law of Timor‑Leste.
 (6) Paragraphs (3)(b) and (c) do not apply if you were a foreign resident (other than a *NZ franking company) for more than half of the income year for which the choice was made.

417‑95  How choices are made
 (1) A choice under section 417‑90:
 (a) must be in the *approved form; and
 (b) must be made no later than:
 (i) the day you lodge your *income tax return for the income year for which the choice is made; or
 (ii) a later time allowed by the Commissioner; and
 (c) must be given to the Commissioner within 30 days after you make the choice.
 (2) The choice cannot be revoked.
 (3) Only one choice can be made under this Subdivision in relation to the same part of a *tax loss.

417‑100  The effect of choosing to transfer losses
 (1) If you choose under this Subdivision to transfer an amount of a *tax loss for an income year (the loss year):
 (a) the amount is taken to be a tax loss incurred by the transferee in the loss year; and
 (b) the transferee can deduct the amount in accordance with section 36‑17 (which is about how to deduct a tax loss); and
 (c) at the time of the choice, a *franking credit arises in the *franking account of the transferee; and
 (d) you can no longer *utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.
 (2) Despite paragraph (1)(a), if the loss year is the same as the income year of the transfer, the transferee is taken to have incurred the *tax loss in the income year before the