INCOME TAX ASSESSMENT ACT 1997
A company cannot deduct a bad debt unless:
or, if there has been a change of ownership or control, the company 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).
The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see section 415-40 .
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