Taxation Determination

TD 92/175W

Income tax: capital gains: if a company seeks to carry forward a net capital loss but fails the continuing ownership test, can it rely on the same business test as set out in section 80E?

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FOI status:

Notice of Withdrawal

Taxation Determination 92/175 is withdrawn with effect from today.

Subsection 160ZC(5) of the Income Tax Assessment Act 1936 has been amended with effect from the 1997/1998 year of income to insert a reference to Subdivision 165-A of the Income Tax Assessment Act 1997 which clarifies that the same business test is available to the company seeking to carry forward a net capital loss.

Commissioner of Taxation
9 June 1999

Previously Draft TD 92/D153

References

ATO references:
NO APPE PARRA

Subject References:
net capital loss
continuing ownership test
same business test

Legislative References:
ITAA 160ZC(5)
ITAA 80A
ITAA 80DA
ITAA 80E