37Removal of SMEC’s tax losses

#### 37 Removal of SMEC’s tax losses (1) A loss incurred by SMEC in a year of income ending before the year of income in which the sale day occurs is not allowable as a deduction in a year of income ending on or after the sale day. (2) Subsection (1) has effect despite anything in the Income Tax Assessment Act 1936 and, in particular, former sections 79E, 79EA, 79EB, 79F, 80, 80AAA and 80AA of that Act. (3) Unless the contrary intention appears, expressions used in subsection (1) that are also used in the Income Tax Assessment Act 1936 have the same respective meanings as in that Act. (4) SMEC cannot deduct in the 1997‑98 income year or a later income year a tax loss incurred in an income year ending before the income year in which the sale day occurs. (5) This section has effect despite anything and, in particular, Division 36 and Subdivision 195‑A of the Income Tax Assessment Act 1997. (6) Unless the contrary intention appears, an expression has the same meaning in subsection (4) as in the Income Tax Assessment Act 1997.