INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3CA - Net capital gain or net capital loss of listed public company or its 100% subsidiary for year of income in which ownership or control of the company changed  

SECTION 160ZNSC   HOW TO WORK OUT THE NET CAPITAL GAIN OR NET CAPITAL LOSS  

160ZNSC(1)   [Dividing into periods]  

If the listed public company must calculate its net capital gain or net capital loss for the year of income under Division 3A, then, in dividing the year of income into periods, apply subsection (2) instead of subsection 160ZNE(3).

160ZNSC(2)   [When period ends]  

The last period ends at the end of the year of income. Each period (except the last) ends at the earlier of:

(a) the earliest time when there is an abnormal trading in shares in the listed public company (except one covered by subsection (3)); or

(b) the earliest time when a person begins to control, or becomes able to control, the voting power in the listed public company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of:

(i) getting some benefit or advantage to do with how this Act applies; or

(ii) getting such a benefit or advantage for someone else.

160ZNSC(3)   [Working out end of period]  

In working out when a period ends, disregard an abnormal trading if there is substantial continuity of ownership of the company as between the start of the period and the time of the abnormal trading.

Note:

See section 160ZNSG to work out whether there is substantial continuity of ownership.