Income Tax Assessment Act 1997
This Subdivision applies if:
(a) an alteration time occurs in respect of a company; and
(b) the company is a *loss company at the alteration time; and
(c) one or more entities had relevant equity interests or relevant debt interests in the company immediately before the alteration time.
An alteration time does not include a time before the commencement time. Commencement time 165-115K(3)
The commencement time for a company is:
(a) if the company was in existence at 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999 - that time; or
(b) if the company came into existence after that time - the time when it came into existence. Certain alteration times to be disregarded 165-115K(4)
(a) a time (the test time ) would, apart from this subsection, be an alteration time in relation to a company; and
(b) the company does not have any losses of the kinds referred to in paragraphs 165-115R(3)(a) , (b), (c) and (d) and 165-115S(3)(a) and (b); and
(c) the test time is not a changeover time in relation to the company under Subdivision 165-CC ; and
(d) if the test time were such a changeover time, it would be reasonable for the company to conclude that it would not have an unrealised net loss at that time under section 165-115E ;
the test time is taken not to be an alteration time in relation to the company.Application to CGT events other than disposals 165-115K(5)
This Subdivision applies to a *CGT event (other than a *disposal) happening in relation to a CGT asset (for example, an interest in a company that is constituted by an equity or debt):
(a) in the same way as it applies to a disposal of a CGT asset; and
(b) as if the asset had been disposed of at the time when the CGT event happens.
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