Income Tax Assessment Act 1997
Divide the income year into periods as follows. 165-45(2)
The first period starts at the start of the income year. Each later period starts immediately after the end of the previous period. 165-45(3)
The last period ends at the end of the income year. Each period (except the last) ends at the earlier of:
(a) the latest time that would result in persons having *more than a 50% stake in the company during the whole of the period; or
(b) the earliest time when a person begins to control, or becomes able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of:
(i) getting some benefit or advantage to do with how this Act applies; or
(ii) getting such a benefit or advantage for someone else.
See section 165-255 for the rule about incomplete periods.
S 165-45(3) amended by No 147 of 2005.
However, what would otherwise be 2 or more successive periods are treated as a single period if the company satisfies the *business continuity test for all of them, considered as a single period (the business continuity test period ). Apply the business continuity test to the *business the company carried on immediately before the end of the first of the periods (the test time ).
For the business continuity test, see Subdivision 165-E .
See section 165-225 for a special alternative to subsections (3) and (4) of this section.
S 165-45(4) amended by No 7 of 2019, s 3 and Sch 1 items 56 and 57, by substituting " *business continuity test for all of them, considered as a single period (the business continuity test period ). Apply the business continuity test " for " *same business test for all of them, considered as a single period (the same business test period ). Apply the same business test " and " business continuity test " for " same business test " in note 1, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.
S 165-45(4) amended by No 41 of 2011, s 3 and Sch 5 item 109, by inserting " subsections (3) and (4) of " in note 2, effective 27 June 2011.
S 165-45(4) amended by No 164 of 2007 , s 3 and Sch 6 item 14, by repealing note 3, applicable to:
The note formerly read:
Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for the same business test period: see section 165-212A .
S 165-45(4) amended by No 147 of 2005.
S 165-45 amended by No 58 of 2000.
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