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INCOME TAX ASSESSMENT ACT 1997 - SECT 707.205 Modified period for test for maintaining same ownership

INCOME TAX ASSESSMENT ACT 1997 - SECT 707.205

Modified period for test for maintaining same ownership

  (1)   This section modifies Divisions   165, 166 and 167 for the purposes of working out whether a company can * utilise a loss of any * sort that it made because of a transfer under Subdivision   707 - A.

  (2)   Subdivision   165 - A and Divisions   166 and 167 operate for those purposes as if the * loss year started at the time of the transfer.

Note 1:   This means that the ownership test period defined by subsection   165 - 12(1) and the test period defined by subsection   166 - 5(2) start at the time of the transfer.

Note 2:   Without this section, those periods would start at the start of the income year in which the transfer occurred, so events occurring before the transfer (such as changes in holdings of voting power, rights to dividends or rights to capital) could affect whether the company could utilise the tax loss or net capital loss.

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