INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-CB - Working out the net capital gain and the net capital loss for the income year of the change  

When a company must work out its net capital gain and net capital loss under this Subdivision

SECTION 165-102   165-102   On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test  


A company must calculate its *net capital gain and *net capital loss for the income year under this Subdivision if:


(a) it must calculate its taxable income and *tax loss for the income year under Subdivision 165-B ; or

Note:

Subdivision 165-F may affect the application of Subdivision 165-B .


(b) it would be required to calculate them under that Subdivision but for subsection 165-50(3) (about cases where that Subdivision would make no difference to the taxable income).

Note:

In the case of a widely held or eligible Division 166 company, Subdivision 166-B modifies how this Subdivision applies, unless the company chooses otherwise.


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