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  

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History

Subdiv 165-CB inserted by No 46 of 1998.

Working out the company's net capital gain and net capital loss

SECTION 165-114  

165-114   How to work out the company's net capital loss  
The company's net capital loss for the income year is worked out in this way: Working out the company's net capital loss

Step 1.

Add up the *notional net capital losses (if any) worked out under section 165-108 .

Step 2.

If the Step 1 amount is more than zero, it is the company's net capital loss .

Note:

For exceptions and modifications to these rules: see section 102-30 .

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History

S 165-114 amended by No 88 of 2013, s 3 and Sch 6 items 18 - 19, by repealing note 1 and substituting " Note " for " Note 2 " , effective 29 June 2013. Note 1 formerly read:

Note 1:

The net capital loss can be applied against the company's capital gains for a later income year: see sections 102-5 and 102-15 .

S 165-114 inserted by No 46 of 1998.

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