Section DV 7 — Income Tax Act 2007: Carry forward of expenditure

DV 7 Carry forward of expenditure When this section applies (1) This section applies when a member superannuation fund incurs expenditure that is more than— (a) the member fund and master fund agree can be transferred; or (b) the maximum amount that can be transferred. Member fund carrying expenditure forward (1B) The member fund may carry forward the expenditure for transfer in a later income year. Expenditure as loss balance (2) If the member fund carries forward expenditure in an income year, the member fund may treat some or all of the expenditure as a loss balance for the corresponding tax year. Defined in this Act: income year , loss balance , master fund , tax year , Compare: 2004 No 35 s DV 7 Section DV 7(1) heading: substituted (with effect on 1 April 2008), on 6 October 2009, by section 107(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DV 7(1): substituted (with effect on 1 April 2008), on 6 October 2009, by section 107(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DV 7(1B) heading: inserted (with effect on 1 April 2008), on 6 October 2009, by section 107(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DV 7(1B): inserted (with effect on 1 April 2008), on 6 October 2009, by section 107(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).