Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 175.5

When Commissioner can disallow deduction for tax loss

             (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 the company:

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

                     (b)  meets the condition in section 165- 13 in respect of the income year by satisfying the * business continuity test under section 165- 210.



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