INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteA company must calculate its net capital gain or net capital loss under this Division unless:
(a) there are persons who had more than a 50% stake in the company during the whole of the year of income; or
(b) there is only part of the year of income (a part that started at the start of the year of income) during which the same persons had more than a 50% stake in the company, but the company satisfies the same business test for the rest of the year of income (the same business test period ). 160ZNB(2) [Business test]
For the purposes of paragraph (1)(b), apply the same business test to the business that the company carried on immediately before the time (the
test time
) when that part ended.
Note:
For the same business test: see Division 3C.
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