Income Tax (Consequential Amendments) Act 1997 (39 of 1997)
Schedule 1 Consequential amendments of the Income Tax Assessment Act 1936
25 After subsection 46A(3)
Insert:
(3A) If this section applies to a shareholder that is a company that must work out its taxable income for the year of income under Subdivision 165-B (Working out the taxable income and tax loss for the income year of the change) of the Income Tax Assessment Act 1997, this section applies to the shareholder as if:
(a) that Subdivision did not apply to the shareholder; and
(b) the shareholder were instead required to work out its taxable income under section 4-15 (How to work out your taxable income) of that Act.
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