Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) the company is required to calculate:
(i) its taxable income and * tax loss for the income year under Subdivision 165-B; and
(ii) its * net capital gain and * net capital loss for the income year under Subdivision 165-CB; and
(b) the company meets the requirements of subsections 165- 220(2) and (4);
then, in dividing the income year into periods, apply subsection (2) of this section instead of subsections 165- 45(3) and (4).
(2) The last period ends at the end of the income year. Each period (except the last) ends at the earliest of:
(a) the latest time that would result in the persons holding * fixed entitlements to shares of the income or shares of the capital of:
(i) if the company meets the requirements of paragraph 165-220(2)(a)--the company; or
(ii) if the company meets the requirements of paragraph 165-220(2)(b)--the holding entity mentioned in that paragraph;
and the percentages of the shares that they hold, remaining the same during the whole of the period; and
(b) the times that, for all of the * non-fixed trusts, other than * excepted trusts, holding directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year, are the latest times that would result in individuals having * more than a 50% stake in their income or capital; and
(c) the earliest time in the period when a group (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ) begins to * control a non-fixed trust, other than an excepted trust, that holds directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year.
Note: See section 165- 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.