Document ID: chunk:federal_register_of_legislation:C2017C00211:clause:2_44
Version: federal_register_of_legislation:C2017C00211
Segment Type: clause
Provision Reference: sch 2 cl 44
Character Range: 31919–32677

44  Before Subdivision 960‑E
Insert:

Subdivision 960‑B—Utilisation of tax attributes

Table of sections
960‑20 Utilisation—corporate loss carry back

960‑20  Utilisation—corporate loss carry back
 (1) For the purposes of subsection 960‑20(2) of the Income Tax Assessment Act 1997, a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset).
 (2) For the purposes of subsection 960‑20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160‑15(2) of that Act (which was about calculating a loss carry back tax offset component).