Tax Law Improvement Act (No. 1) 1998 (46 of 1998)

3   Company bad debts

2   Consequential amendment of the Income Tax Assessment Act 1997

7   Section 165-1

Repeal the section, substitute:

165-1 What this Division is about

A change in the ownership or control of a company can affect:

whether it can deduct its tax losses of earlier income years; and

how it calculates its taxable income and tax loss for the income year of the change; and

• whether it can deduct debts owed to it that are written off as bad.