Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.225

  (1)   If:

  (a)   the company is required to calculate:

  (i)   its taxable income and * tax loss for the income year under Subdivision   165 - B; and

  (ii)   its * net capital gain and * net capital loss for the income year under Subdivision   165 - CB; and

  (b)   the company meets the requirements of subsections   165 - 220(2) and (4);

then, in dividing the income year into periods, apply subsection   (2) of this section instead of subsections   165 - 45(3) and (4).

  (2)   The last period ends at the end of the income year. Each period (except the last) ends at the earliest of:

  (a)   the latest time that would result in the persons holding * fixed entitlements to shares of the income or shares of the capital of:

  (i)   if the company meets the requirements of paragraph   165 - 220(2)(a)--the company; or

  (ii)   if the company meets the requirements of paragraph   165 - 220(2)(b)--the holding entity mentioned in that paragraph;

    and the percentages of the shares that they hold, remaining the same during the whole of the period; and

  (b)   the times that, for all of the * non - fixed trusts, other than * excepted trusts, holding directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year, are the latest times that would result in individuals having * more than a 50% stake in their income or capital; and

  (c)   the earliest time in the period when a group (within the meaning of Schedule   2F to the Income Tax Assessment Act 1936 ) begins to * control a non - fixed trust, other than an excepted trust, that holds directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year.

Note:   See section   165 - 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.