19 Oct 099 Partnerships: utilisation of carried forward foreign losses
Following the introduction of the new foreign loss rules as part of the Tax Laws Amendment (2007 Measures No 4) Act 2007, the ATO realised that a technical defect in the legislation meant that partnerships were unable to utilise foreign losses carried forward from prior years. The Government introduced Tax Laws Amendment (2009 Measures No 4) Act 2009 into Parliament on 25 June 2009 to correct this and several other minor technical defects. The Bill has now passed through Parliament and was given Royal Assent on 18 September 2009.
The ATO has now advised of the administrative action it proposes to take in relation to the amendments. For a copy of the ATO advice, go here