Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.102

On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test

    A company must calculate its * net capital gain and * net capital loss for the income year under this Subdivision if:

  (a)   it must calculate its taxable income and * tax loss for the income year under Subdivision   165 - B; or

Note:   Subdivision   165 - F may affect the application of Subdivision   165 - B.

  (b)   it would be required to calculate them under that Subdivision but for subsection   165 - 50(3) (about cases where that Subdivision would make no difference to the taxable income).

Note:   In the case of a widely held or eligible Division   166 company, Subdivision   166 - B modifies how this Subdivision applies, unless the company chooses otherwise.


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