INCOME TAX ASSESSMENT ACT 1997 - SECT 415.35 Tax losses of companies
INCOME TAX ASSESSMENT ACT 1997 - SECT 415.35
Tax losses of companies(1) This section applies to a * tax loss of a company if the company is a * designated infrastructure project entity at a time (the status time ) in the * loss year.
Modifications of Divisions 165 and 166
(2) Despite subsection 165 - 12(1), 166 - 5(2) or 166 - 20(1), the * ownership test period or * test period under that subsection starts at the earlier of:
(i) that occurs after the status time; and
(ii) at which the company is not a * designated infrastructure project entity; and
(b) the end of the income year referred to in that subsection as the income year.
(3) In a case to which paragraph (2)(b) applies, the company is treated as meeting the conditions in section 165 - 12.
(4) Despite subsection 165 - 13(2), 166 - 5(5), 165 - 15(2) or 166 - 20(4), the * business continuity test period under that subsection starts at the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the business continuity test period would start earlier.
(5) Despite subsection 165 - 13(2), 165 - 15(3), 166 - 5(6) or 166 - 20(4), the * test time under that subsection occurs just after the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the test time would occur earlier.
(6) A reference in subsection 165 - 15(1) to the * loss year is treated as being a reference to the period:
(a) starting at the start of the * ownership test period; and
(b) ending at the end of the income year in which the ownership test period starts.
(7) For the purposes of working out, under paragraph 165 - 45(3)(a) or (b) or subsection 165 - 45(4), the end of the first period, disregard any part of the income year mentioned in section 165 - 45 during which the company is a * designated infrastructure project entity.
Note: A company does not calculate its taxable income and tax loss under Subdivision 165 - B if the company was a designated infrastructure project entity during the whole of the income year: see paragraph 165 - 35(c).
(8) Disregard this section for the purposes of Subdivisions
165 - CA and 165 - CB (about net capital losses) and 175 - A and 175 -
CA (about tax benefits).