Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 175.5

(1) This Subdivision sets out cases where the Commissioner may disallow some
or all of a *tax loss (or of part of a tax loss) (the excluded loss) as a
deduction in calculating a company's taxable income of an income year after
the *loss year.

(2) However, the Commissioner cannot disallow the *excluded loss if:

   (a)  the company fails to meet a condition in section 165- 12 (which is
        about the company maintaining the same owners) in respect of the
        income year; but

   (b)  meets the condition in section 165- 13 (which is about the company
        carrying on the same *business) in respect of the income year.