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-CD - Reductions after alterations in ownership or control of loss company  

Operative provisions

SECTION 165-115J  

165-115J   Object of Subdivision  


The main object of this Subdivision is to make appropriate adjustments (under section 165-115ZA ) to the tax values of significant equity and debt interests held directly or indirectly by entities other than individuals in a *loss company whose ownership or control alters.

The purpose of the adjustments is to prevent the duplication of the company's realised and unrealised losses when any of those interests are *disposed of or otherwise realised. This happens because the company's losses are reflected in the values of the interests.


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