Income Tax Assessment Act 1997
This section sets out the condition that a company must meet to be able to deduct the *tax loss if:
(a) the company fails to meet a condition in subsection 165-12(2) , (3) or (4); or
(b) it is not practicable to show that the company meets the conditions in those subsections.
Other provisions may treat the company as meeting, or failing to meet, the conditions in subsections 165-12(2), (3) and (4) .
The company must satisfy the *business continuity test for the income year (the business continuity test period ). Apply the test to the *business the company carried on immediately before the time (the test time ) shown in the relevant item of the table.
|Item||If:||The test time is:|
|1||It is practicable to show there is a period that meets these conditions:
(a) the period starts at the start of the *ownership test period or, if the company came into being during the *loss year, at the time the company came into being;
(b) the company would meet the conditions in subsections 165-12(2), (3) and (4) if the period were the ownership test period for the purposes of this Act
|The latest time that it is practicable to show is in the period|
|2||Item 1 does not apply and the company was in being throughout the *loss year||The start of the loss year|
|3||Item 1 does not apply and the company came into being during the *loss year||The end of the loss year|
For the business continuity test: see Subdivision 165-E .
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