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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.5 What this Subdivision is about

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.5

What this Subdivision is about

A company cannot deduct a tax loss unless:

  (a)   it has the same owners and the same control throughout the period from the start of the loss year to the end of the income year; or

  (b)   it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1   July 2015).

Note:   The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see section   415 - 35.

Table of sections

Operative provisions

165 - 10   To deduct a tax loss

165 - 12   Company must maintain the same owners

165 - 13   Alternatively, the company must satisfy the business continuity test

165 - 15   The same people must control the voting power, or the company must satisfy the business continuity test

165 - 20   When company can deduct part of a tax loss

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