Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.115AA

             (1)  A company is exempt from these rules if, at the time of the change in ownership or control, it (together with certain related entities) has a net asset value of not more than $6,000,000 under the test in section 152‑15 (for small business CGT relief).

             (2)  In working out whether it has an unrealised net loss, a company can choose to work out the ^* market value of each of its assets individually, or of all of its assets together.

             (3)  If a company works out the ^* market value of each of its assets individually, it may choose to exclude every asset that it acquired for less than $10,000, in which case:

                     (a)  unrealised losses and gains on the excluded assets will not be taken into account in calculating the company's unrealised net loss; and

                     (b)  losses on the excluded assets will be allowed without the company being subject to the same business test.

Table of sections

Operative provisions

165‑115A Application of Subdivision

165‑115B  What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time

165‑115BAWhat happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock

165‑115BBOrder of application of assets: residual unrealised net loss

165‑115C  Changeover time--change in ownership of company

165‑115D Changeover time--change in control of company

165‑115E  What is an unrealised net loss

165‑115F  Notional gains and losses

Operative provisions