An unlisted very widely held trust or a wholesale widely held trust:

• cannot deduct a tax loss from an earlier income year; or

• has to work out its net income and tax loss for the income year in a special way; or

• cannot deduct certain amounts in respect of debts incurred in the income year or earlier income years;

unless either:

• there was no abnormal trading; or

• there was abnormal trading, but the trust ' s ownership did not change.