Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.285

Business continuity test and change of head company

                   In working out whether the * business continuity test is satisfied by a company that, after the * test time, became the * head company of a * MEC group that existed before that time, disregard what happened in relation to the company before it became a * member of the group. Section 719-90 has effect subject to this section.

Note 1:       The business continuity test is to be applied on the basis that the company's business at the test time was the business that section 719-90 treats the company as having carried on at that time, except to the extent that section 719-90 attributes to the company its actual history before it became a member of the MEC group.

Note 2:       Section 719-90 applies if there is a change in the head company of a MEC group, treating the later head company as if what had happened to the earlier head company had happened to the later head company.

Bundles of losses and their available fractions



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