Income Tax Assessment Act 1997
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View history notePart 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Div 715 inserted by No 16 of 2003 (see s 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Subdiv 715-A inserted by No 16 of 2003, s 3 and Sch 7 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
SECTION 715-90 How business continuity test applies if leaving time is changeover time for leaving company 715-90(1)
This section applies if:
(a) the leaving entity is a company; and
(b) the leaving time is a * changeover time for the leaving entity.
715-90(2)
In applying to the leaving entity for the * changeover time that is the leaving time, subsection 165-115B(3) and paragraph 165-115BA(5)(c) have effect as if they provided that the time just after the changeover time were the test time for applying section 165-13 to the company.
Note:
This ensures that the business continuity test is applied to the business that the leaving entity carries on at the leaving time.
S 715-90(2) amended by No 7 of 2019, s 3 and Sch 1 item 138, by substituting " business continuity test " for " same business test " in the note, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.
S 715-90(2) amended by No 12 of 2012, s 3 and Sch 6 item 160, by substituting " and paragraph 165-115BA(5)(c) have effect as if they " for " has effect as if it " , applicable on and after 1 July 2002.
S 715-90(2) substituted by No 142 of 2003, s 3 and Sch 7 item 11.
Act No 142 of 2003, s 3 and Sch 7 item 15, contains the following application provision:
(1)
The amendments apply to assessments for the 1997-98 income year and later income years.
(2)
However, an amendment affecting a provision does not apply to anything to which the provision did not apply before the amendment.Example: Section 707-125 of the Income Tax Assessment Act 1997 applies on and after 1 July 2002. Despite the reference in subitem (1) to the 1997-98 income year, the amendments of that section do not apply before 1 July 2002.
S 715-90(2) formerly read:
715-90(2)
The continuity period referred to in subsection 165-115B(3) , as applying to the leaving time as a * changeover time for the leaving entity, is taken to have ended just after that time.Note:
This ensures that the same business test is applied to the business that the leaving entity carries on at the leaving time: see subsection 165-13(3).
S 715-90 inserted by No 16 of 2003, s 3 and Sch 7 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
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