Document ID: chunk:federal_register_of_legislation:C2019A00059:clause:1_1:p9
Version: federal_register_of_legislation:C2019A00059
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 9/10)
Character Range: 22618–25310

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 loss year.
Note: This rule is needed because Division 36 allows a tax loss to be deducted only if it was incurred in an earlier income year.
 (3) The amount of the *franking credit under paragraph (1)(c) is an amount equal to the amount of the *tax loss transferred multiplied by the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936).
 (4) Paragraph (1)(c) does not apply if you are not, and have never been, a *corporate tax entity.

417‑105  The effect of choosing to apply losses to earlier income years
  If you choose under this Subdivision to apply an amount of a *tax loss for an income year as a deduction from your assessable income for an earlier income year:
 (a) you can deduct the amount from your assessable income for the earlier income year; and
 (b) you can no longer *utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.

417‑110  Continuity of ownership and business continuity tests
  Section 165‑10 does not apply to a *tax loss that meets the requirements of:
 (a) paragraphs 417‑90(1)(a) and (b); or
 (b) paragraphs 417‑90(2)(a) and (b).

Subdivision 417‑E—Foreign income tax offset

Table of sections
417‑125 Foreign income tax offset

417‑125  Foreign income tax offset
 (1) If:
 (a) you are entitled to a *tax offset under Subdivision 770‑A for an income year for *foreign income tax; and
 (b) the foreign income tax is payable on income you earned as an employee in relation to *transitioned petroleum activities undertaken, or to be undertaken, in relation to the *JPDA;
the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income.
 (2) Subdivision 770‑B does not apply in relation to the amount of the offset.

Subdivision 417‑F—Transfer pricing

Table of sections
417‑140 Transfer pricing benefits relating to transitioned petroleum activities

417‑140  Transfer pricing benefits relating to transitioned petroleum activities

Acquisitions of Timor Sea petroleum
 (1) An entity is taken, for the purposes of Division 815, not to get a *transfer pricing benefit from conditions that operate between the entity and another entity in connection with their commercial or financial relations just because the entity acquires petroleum (within the meaning of the *Timor Sea Maritime Boundaries Treaty)