960‑20 Utilisation—corporate loss carry 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).

Schedule 3—Small business instant asset write‑off threshold

Income Tax Assessment Act 1997

1 Section 328‑170 (fourth paragraph)

Omit “$6,500”, substitute “$1,000”.

2 Section 328‑180 (heading)

Repeal the heading, substitute: