Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-CB - Working out the net capital gain and the net capital loss for the income year of the change  

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History

Subdiv 165-CB inserted by No 46 of 1998.

Guide to Subdivision 165-CB

SECTION 165-99   What this Subdivision is about  

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A company that has not had the same ownership and control during the income year, and has not satisfied the business continuity test, works out its net capital gain and net capital loss under this Subdivision.

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History

S 165-99 amended by No 7 of 2019, s 3 and Sch 1 item 59, by substituting " business continuity test " for " same business test " , effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 165-99 amended by No 164 of 2007 , s 3 and Sch 6 item 16, by omitting " (Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for that year.) " after " under this Subdivision. " , applicable to:

(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and

(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and

(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.

S 165-99 amended by No 147 of 2005 and inserted by No 46 of 1998.

TABLE OF SECTIONS

TABLE OF SECTIONS

When a company must work out its net capital gain and net capital loss under this Subdivision
165-102	On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test
Working out the company ' s net capital gain and net capital loss
165-105	First, divide the income year into periods
165-108	Next, calculate the notional net capital gain or notional net capital loss for each period
165-111	How to work out the company ' s net capital gain
165-114	How to work out the company ' s net capital loss

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