Income Tax Assessment Act 1997
CHAPTER 3 - SPECIALIST LIABILITY RULES PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS Division 165 - Income tax consequences of changing ownership or control of a company Subdivision 165-A - Deducting tax losses of earlier income years Guide to Subdivision 165-A SECTION 165-5 What this Subdivision is about
(a) it has the same owners and the same control throughout the period from the start of the loss year to the end of the income year; or
(b) it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015).
A company cannot deduct a tax loss unless:
The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see section 415-35 .
|165-10||To deduct a tax loss|
|165-12||Company must maintain the same owners|
|165-13||Alternatively, the company must satisfy the business continuity test|
|165-15||The same people must control the voting power, or the company must satisfy the business continuity test|
|165-20||When company can deduct part of a tax loss|