Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a debt that a company writes off as bad, if the company is a * designated infrastructure project entity at a time (the status time ) in the income year in which the debt was incurred.
Modifications of Divisions 165 and 166
(2) Despite subsection 165 - 123(1) or 166 - 40(2), the * ownership test period or * test period under that subsection starts at the earlier of:
(a) the first time that occurs after the status time and on or after:
(i) in the case of subsection 165 - 123(1)--the start of the * first continuity period; or
(ii) in the case of subsection 166 - 40(2)--the time the company chooses under that subsection;
and at which the company is not a * designated infrastructure project entity; and
(b) the end of the * second continuity period.
(3) In a case to which paragraph (2)(b) applies, the company is treated as meeting the conditions in section 165 - 123.
(4) Despite subsection 165 - 126(2), 165 - 129(2), 165 - 132(1) or 166 - 40(5), the * business continuity test period under that subsection starts at the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the business continuity test period would start earlier.
(5) Despite subsection 165 - 126(2), 165 - 129(3) or 166 - 40(6), the * test time under that subsection occurs just after the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the test time would occur earlier.
(6) A reference in subsection 165 - 129(1) to the * first continuity period is treated as being a reference to the period:
(a) starting at the start of the * ownership test period; and
(b) ending at the end of the income year in which the ownership test period starts.
(7) Disregard this section for the purposes of Subdivision
175 - C (about tax benefits).