Income Tax Assessment Act 1997
A company is exempt from these rules if, at the time of the change in ownership or control, it (together with certain related entities) has a net asset value of not more than $6,000,000 under the test in section 152-15 (for small business CGT relief).
In working out whether it has an unrealised net loss, a company can choose to work out the market value of each of its assets individually, or of all of its assets together.
If a company works out the market value of each of its assets individually, it may choose to exclude every asset that it acquired for less than $10,000, in which case:
(a) unrealised losses and gains on the excluded assets will not be taken into account in calculating the company ' s unrealised net loss; and
(b) losses on the excluded assets will be allowed without the company being subject to the business continuity test.
|165-115A||Application of Subdivision|
|165-115B||What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time|
|165-115BA||What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock|
|165-115BB||Order of application of assets: residual unrealised net loss|
|165-115C||Changeover time - change in ownership of company|
|165-115D||Changeover time - change in control of company|
|165-115E||What is an unrealised net loss|
|165-115F||Notional gains and losses|
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