Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.35

Meaning of final RUNL

    A company's final RUNL at a particular time (the test time ) is the amount that would have been the company's * residual unrealised net loss at the time of:

  (a)   if no event that subsection   165 - 115BB(2) refers to as a relevant event actually happens at the test time--a notional event of that kind happening at the test time; or

  (b)   otherwise--a notional event of that kind that happens at the test time, and that the company determines under paragraph   165 - 115BB(1)(b) to have happened later than each event that actually happened at that time.

Note:   This Subdivision reduces a company's final RUNL as amounts of it are applied for various purposes.


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