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-CA - Applying net capital losses of earlier income years
(a) it has the same owners and the same control from the start of the loss year to the end of the income year; or
(b) it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015).
Guide to Subdivision 165-CA SECTION 165-93 What this Subdivision is about
In working out its net capital gain for an income year, a company cannot apply a net capital loss for an earlier income year unless:
|165-96||When a company cannot apply a net capital loss|