INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
This Subdivision applies in relation to a taxpayer in relation to the 1996-97 year of income or an earlier year of income if, and only if, the taxpayer is a company and, by reason of section
, a disqualifying event is deemed to have occurred, or disqualifying events are deemed to have occurred, in relation to the company during the year of income.
Subdivision 165-B of the Income Tax Assessment Act 1997 sets out special rules for working out a company's taxable income and tax loss for the 1997-98 year of income and later years of income. Those rules may apply if there has been a change in the ownership or control of the company in those years of income.
Notwithstanding subsection 50H(1) :
(a) a disqualifying event shall not be deemed to have occurred in relation to a company on or before 7 April 1978; and
(b) a disqualifying event shall not be deemed to have occurred in relation to a company at a time during a year of income if -
(i) the company is not a private company in relation to the year of income; and
(ii) the Commissioner considers that it is unreasonable that a disqualifying event should be deemed to have occurred in relation to the company at that time.