Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_103
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 103
Character Range: 97839–98878

103  At the end of Subdivision 175‑D
Add:

175‑100  Commissioner may disallow excluded losses etc. of insolvent companies

  Despite a subsection listed in column 1, the Commissioner may, under a subsection listed in column 2, disallow some or all of an *excluded loss, deduction, or *capital loss, of a company (as the case requires) if:
 (a) the company is or becomes:
 (i) an externally‑administered body corporate within the meaning of the Corporations Act 2001; or
 (ii) an entity with a similar status under a *foreign law to an externally‑administered body corporate; and
 (b) the company is insolvent (within the meaning of section 9 of the Corporations Act 2001) when the administration begins.

Commissioner may disallow excluded losses etc. for insolvent companies
Item                                                                    Column 1                    Column 2
                                                                        Despite this subsection...  the Commissioner may disallow under this subsection: