INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 3A - Net capital gain or net capital loss of company in respect of year of income in which ownership or control of the company changed  

When a company must work out its net capital gain or net capital loss under this Division  

SECTION 160ZNB   ON A CHANGE OF OWNERSHIP, UNLESS THE COMPANY CARRIES ON THE SAME BUSINESS  

160ZNB(1)   [Application]  

A company must calculate its net capital gain or net capital loss under this Division unless:

(a) there are persons who had more than a 50% stake in the company during the whole of the year of income; or

(b) there is only part of the year of income (a part that started at the start of the year of income) during which the same persons had more than a 50% stake in the company, but the company satisfies the same business test for the rest of the year of income (the same business test period ).

160ZNB(2)   [Business test]  

For the purposes of paragraph (1)(b), apply the same business test to the business that the company carried on immediately before the time (the test time ) when that part ended.

Note:

For the same business test: see Division 3C.