Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.15

(1) Even if a company meets the conditions in section 165- 12 or 165- 13, it
cannot deduct the *tax loss if:

   (a)  for some or all of the income year, a person controlled, or was able
        to control, the voting power in the company (whether directly, or
        indirectly through one or more interposed entities); and

   (b)  for some or all of the *loss year, that person did not control, and
        was not able to control, that voting power (directly, or indirectly in
        that way); and

   (c)  that person began to control, or became able to control, that voting
        power (directly, or indirectly in that way) for the purpose of:

        (i)    getting some benefit or advantage in relation to how this Act
               applies; or

        (ii)   getting such a benefit or advantage for someone else; or for
               purposes including that purpose.

(2) However, that person's control of the voting power, or ability to control
it, does not prevent the company from deducting the *tax loss if the company
satisfies the *same business test for the income year (the same business test
period).

(3) Apply the *same business test to the *business that the company carried on
immediately before the time (the test time) when the person began to control
that voting power, or became able to control it. For the same business test:
see Subdivision 165-E.