ITA rewrite - Part I, Treatment of tax losses
An exposure draft of rewritten Part I of the Income Tax has been released for public comment. Covering the treatment of tax losses and consequential amendments, the exposure draft has been prepared by the project team responsible for the progressive rewrite of the Act, which has so far resulted in the enactment of new Parts A to E.
The main changes in rewritten Part I are the introduction, early in the legislation, of the different types of amounts that can be used under the rules, and their inclusion within a general pool of "tax losses" that are carried forward as "loss balances" if not used within a tax year. Submissions close on 30 November 2004. For more information see the commentary and draft legislation, "Part I - treatment of tax losses ".