Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-5
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CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 165
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Income tax consequences of changing ownership or control of a company
Subdivision 165-A
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Deducting tax losses of earlier income years
Operative provisions
SECTION 165-10 165-10 To deduct a tax loss
A company cannot deduct a * tax loss unless either:
(a) it meets the conditions in section 165-12 (which is about the company maintaining the same owners); or
(b) it meets the condition in section 165-13 (which is about the company satisfying the business continuity test).
SECTION 165-10 165-10 To deduct a tax loss
A company cannot deduct a * tax loss unless either:
(a) it meets the conditions in section 165-12 (which is about the company maintaining the same owners); or
Note:
See section 165-215 for a special alternative to these conditions.
(b) it meets the condition in section 165-13 (which is about the company satisfying the business continuity test).
Note:
In the case of a widely held or eligible Division 166 company, Subdivision 166-A modifies how this Subdivision applies, unless the company chooses otherwise.
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