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The Federal Court (Allsop J) has held that when s 170-10 ITAA 1997 (dealing with transfer of tax losses) refers to "part of the tax loss", it is not referring to part of a tax loss that is referable to part of an income year. The Court said, at para 88:

"Section 170-10 deals with concepts that are referable to, and take their meaning from, a whole income year. The phrase "tax loss", through s 995-1, is understood by reference to s 36-10. That provision takes one to all deductions "for an income year". This is, with some irrelevant qualifications, a financial year that is a period of 12 months beginning on 1 July."

As a result, the taxpayer was prevented from transferring a loss that was incurred in that part of an income year that followed a disqualifying change of ownership: Keycorp Limited v FCT [2007] FCA 41 (Federal Court, Allsop J, 7 February 2007).

For a copy of the decision, go here

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