Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 707 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 707-A heading substituted by No 88 of 2013, s 3 and Sch 6 item 28, effective 29 June 2013. The heading formerly read:

Subdivision 707-A - Transfer of previously unutilised losses to head company

Subdiv 707-A inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 707-125(1) amended by No 124 of 2013, s 3 and Sch 2 item 30, by substituting " section 707-120 " for " subsection 707-120(1) " in para (b), effective 11 July 2013.

S 707-125(1) amended by No 147 of 2005, s 3 and Sch 1 item 109, by substituting " 166-5(5) or (6) " for " 166-5(4) or (5) " in para (b), effective 14 December 2005. For application provision, see note under Div 166 heading.

S 707-125(2) amended by No 7 of 2019, s 3 and Sch 1 items 106 and 107, by substituting " * business continuity test " for " * same business test " and " business continuity test period " for " same business test period " in para (a), effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 707-125(2) amended by No 164 of 2007 , s 3 and Sch 6 item 42, by repealing the note, applicable to:

(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and

(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and

(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.

The note formerly read:

Note:

Companies whose total income for an income year is more than $ 100 million cannot satisfy the same business test for the same business test period: see section 716-805 .

S 707-125(2) amended by No 147 of 2005 and No 142 of 2003.

S 707-125(3) amended by No 7 of 2019, s 3 and Sch 1 items 108 and 109, by substituting " (the business continuity test period ) for the * business continuity test " for " (the same business test period ) for the * same business test " in para (a) and " business continuity test " for " same business test " in para (b), effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 707-125(3) amended by No 164 of 2007 , s 3 and Sch 6 item 43, by repealing the note, applicable to:

(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and

(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and

(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.

The note formerly read:

Note:

Companies whose total income for an income year is more than $ 100 million cannot satisfy the same business test for the same business test period: see section 716-805 .

S 707-125(3) amended by No 147 of 2005.

S 707-125(4) amended by No 7 of 2019, s 3 and Sch 1 items 110 and 111, by substituting " * business continuity test for the period (the business continuity test period ) " for " * same business test for the period (the same business test period ) " in para (a) and " business continuity test " for " same business test " in para (b), effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 707-125(4) amended by No 164 of 2007 , s 3 and Sch 6 items 44 and 45, by substituting " Note " for " Note 1 " in note 1 and repealing note 2, applicable to:

(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and

(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and

(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.

Note 2 formerly read:

Note 2:

Companies whose total income for an income year is more than $ 100 million cannot satisfy the same business test for the same business test period: see section 716-805 .

S 707-125(4) amended by No 147 of 2005, s 3 and Sch 1 item 113, by substituting the note, effective 14 December 2005. The note formerly read:

Note:

Subdivision 166-A applies to public listed companies and their 100 % subsidiaries unless they choose that Subdivision 165-A apply to them without the modifications made by Subdivision 166-A .

S 707-125(4) amended by No 147 of 2005, s 3 and Sch 1 items 111 and 112, by substituting " subsection 166-5(5) " for " subsection 166-5(4) " in para (a) and substituting " subsection 166-5(6) " for " subsection 166-5(5) " in para (b), effective 14 December 2005. For application provision, see note under Div 166 heading.

S 707-125(5) amended by No 147 of 2005, s 3 and Sch 1 item 114, by substituting para (a), effective 14 December 2005. For application provision, see note under Div 166 heading. Para (a) formerly read:

(a) the income year in which occurred the first time covered by paragraph 166-5(2)(a) or (b) for which there was no ^* substantial continuity of ownership of the joining entity as between the start of the ^* test period and that time; or

S 707-125 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).