Income Tax (Consequential Amendments) Act 1997 (39 of 1997)

Schedule 1   Consequential amendments of the Income Tax Assessment Act 1936

25   After subsection 46A(3)

Insert:

(3A) If this section applies to a shareholder that is a company that must work out its taxable income for the year of income under Subdivision 165-B (Working out the taxable income and tax loss for the income year of the change) of the Income Tax Assessment Act 1997, this section applies to the shareholder as if:

(a) that Subdivision did not apply to the shareholder; and

(b) the shareholder were instead required to work out its taxable income under section 4-15 (How to work out your taxable income) of that Act.