In working out its net capital gain for an income year, a company cannot apply a net capital loss for an earlier income year unless:

  (a)   it has the same owners and the same control 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).