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
7 Section 36-25 (table item 2 in the table headed "Tax losses of companies")
Repeal the table item, substitute:
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2. |
A company wants to deduct a tax loss. It cannot do so unless: • the same people owned the company during the loss year, the income year and any intervening year; and • no person controlled the company's voting power at any time during the income year who did not also control it during the whole of the loss year and any intervening year; or the company has satisfied the same business test. |
Subdivision 165-A |