INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2A - Calculation of taxable income  

Subdivision B - Calculation of taxable income where disqualifying event occurs  

SECTION 50A   APPLICATION OF SUBDIVISION  

50A(1)   [Company to which a disqualifying event has occurred]  

This Subdivision applies in relation to a taxpayer in relation to the 1996-97 year of income or an earlier year of income if, and only if, the taxpayer is a company and, by reason of section 50H , a disqualifying event is deemed to have occurred, or disqualifying events are deemed to have occurred, in relation to the company during the year of income.

Note:

Subdivision 165-B of the Income Tax Assessment Act 1997 sets out special rules for working out a company's taxable income and tax loss for the 1997-98 year of income and later years of income. Those rules may apply if there has been a change in the ownership or control of the company in those years of income.

50A(2)   [Disqualifying event deemed not to have occurred]  

Notwithstanding subsection 50H(1) :

(a) a disqualifying event shall not be deemed to have occurred in relation to a company on or before 7 April 1978; and

(b) a disqualifying event shall not be deemed to have occurred in relation to a company at a time during a year of income if -

(i) the company is not a private company in relation to the year of income; and

(ii) the Commissioner considers that it is unreasonable that a disqualifying event should be deemed to have occurred in relation to the company at that time.