Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 166.10

(1) This Subdivision also modifies the way Subdivision 165-A applies to a
company that is not a *listed public company, but only if the conditions in
subsections (2) and (3) are met. Note: Subdivision 165-A is about the
conditions a company must satisfy before it can deduct a tax loss for an
earlier income year.

(2) The company (the subsidiary) must be a *100% subsidiary of another company
(the holding company) at all times during a period consisting of:

   (a)  the *loss year of the subsidiary; and

   (b)  the income year of the subsidiary; and

   (c)  any intervening period.

(3) Also, the *holding company must be a *listed public company at all times
during that period.

(4) If the conditions are met then, for the purposes of applying Subdivision
165-A to the subsidiary, this Subdivision applies to the subsidiary as if:

   (a)  the subsidiary were itself a *listed public company at all times
        during that period; and

   (b)  an *abnormal trading in *shares in the *holding company during that
        period were an abnormal trading in shares in the subsidiary.
        (Subdivisions 166-D, 166-F and 166-G apply to the subsidiary in the
        same way and for the same purpose.)