Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 1   Loss recoupment rules for companies etc.

Income Tax Assessment Act 1997

78   At the end of Division 165

Add:

Subdivision 165-G - Other special provisions

Table of sections

165-250 Control of companies in liquidation etc.

165-255 Incomplete periods

165-250 Control of companies in liquidation etc.

(1) For the purposes of sections 165-15, 165-40, 165-115D, 165-115M and 165-129, a person is not prevented from controlling, or being or becoming able to control, voting power in a company merely because:

(a) the company is or becomes:

(i) an externally-administered body corporate within the meaning of the Corporations Act 2001; or

(ii) an entity with a similar status under a *foreign law to an externally-administered body corporate; or

(b) either:

(i) a provisional liquidator is appointed to the company under section 472 of the Corporations Act 2001; or

(ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the company.

(2) For the purposes of sections 165-15, 165-40, 165-115D, 165-115M and 165-129, a company (the stakeholding company ) is not prevented from controlling, or being or becoming able to control, voting power in another company merely because:

(a) the stakeholding company is or becomes:

(i) an externally-administered body corporate within the meaning of the Corporations Act 2001; or

(ii) an entity with a similar status under a *foreign law to an externally-administered body corporate; or

(b) either:

(i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Act 2001; or

(ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the stakeholding company.

165-255 Incomplete periods

(1) If:

(a) this Division or Division 166 requires a company to meet or satisfy a condition or test, or work out an amount, for a period; and

(b) the company is only in existence after the beginning of the period;

then the period is taken to start on the first day that the company is in existence.

(2) If:

(a) this Division or Division 166 requires a company to meet or satisfy a condition or test, or work out an amount, for a period; and

(b) the company ceases to be in existence before the end of the period;

then the period is taken to end on the day the company ceases to be in existence.