Income Tax Assessment Act 1997
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View history noteDiv 167 inserted by No 130 of 2015, s 3 and Sch 4 item 1, effective 17 September 2015. No 130 of 2015, s 3 and Sch 4 item 53 contains the following application provision:
167-1 Application of provisions
167-1(1)
Division
167
of the
Income Tax Assessment Act 1997
applies:
(a)
to any tax loss that is incurred in an income year commencing on or after 1 July 2002; and
(b)
to any net capital loss that is made in an income year commencing on or after 1 July 2002; and
(c)
to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 2002; and
(d)
in determining whether any changeover time or alteration time occurred on or after 1 July 2002.
167-1(2)
Division
167
of the
Income Tax Assessment Act 1997
also applies:
(a)
to any tax loss of a company:
(i)
that is incurred in an income year commencing on or before 30 June 2002; and
(ii)
that could have been deducted, in accordance with Divisions
165
and
166
of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the deduction had not been limited by the company
'
s income for that income year; and
(b)
to any net capital loss of a company:
(i)
that is made in an income year commencing on or before 30 June 2002; and
(ii)
that could have been applied, in accordance with Divisions
165
and
166
of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the application of the loss had not been limited by the company
'
s capital gains for that income year.
Subdiv 167-A inserted by No 130 of 2015, s 3 and Sch 4 item 1, effective 17 September 2015. For application provision, see note under Div 167 heading.
SECTION 167-40 The valuing times for conditions listed in subsection 167-10(1) 167-40(1)
For the purposes of subsection 167-25(2) , the valuing times for the test period are:
(a) the time the test period starts; and
(b) the time just before, and the time just after, any of the following events that happen during the test period:
(i) the issue of * shares of a class of remaining shares;
(ii) the variation of rights attached to any remaining shares to receive * dividends or capital distributions;
(iii) the redemption or cancellation of any remaining shares; and
(c) the time the test period ends.
167-40(2)
For paragraph (1)(b), disregard a time if it is outside the test period.
S 167-40 inserted by No 130 of 2015, s 3 and Sch 4 item 1, effective 17 September 2015. For application provision, see note under Div 167 heading.
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