Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 716 inserted by No 117 of 2002, s 3 and Sch 1 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 716-Z inserted by No 117 of 2002, s 3 and Sch 1 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 716-805 repealed by No 164 of 2007 , s 3 and Sch 6 item 2, applicable to:

(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and

(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and

(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.

S 716-805 formerly read:

SECTION 716-805 Some companies cannot satisfy the same business test  
716-805(1)
For the purposes of this Part (other than subparagraphs 707-125(2)(a)(ii) and (4)(a)(ii) , Subdivision 709-D and Division 715 ), a company does not satisfy the ^* same business test for the ^* same business test period if the ^* total income of the company for the income year mentioned in paragraph (a) or (b) is more than $100 million:

(a) unless paragraph (b) applies - the income year whose last day falls within the ^* trial year; or

(b) if there is no such day in the trial year - the income year in which the joining time occurs.

Note:

Section 165-212C sets out how to work out the total income of a company that is not able to work out its total income for a 12 month period.

716-805(2)
For the purposes of subparagraph 707-125(2)(a)(ii) or (4)(a)(ii) , a company does not satisfy the ^* same business test for the ^* same business test period if the ^* total income of the company for the income year mentioned in that subparagraph is more than $100 million.

716-805(3)
For the purposes of Subdivision 709-D , a company does not satisfy the ^* same business test for the ^* same business test period if the ^* total income of the company for the following income year is more than $100 million:

(a) if item 1 of the table in subsection 709-215(3) applies - the income year in which the write-off time occurs;

(b) if item 2 of the table in subsection 709-215(3) applies - the income year in which the debt test period ends.

716-805(4)
For the purposes of Division 715 , a company does not satisfy the ^* same business test for the ^* same business test period if the ^* total income of the company for the following income year is more than $100 million:

(a) for the purposes of section 715-95 (unless paragraph (c) of this section applies) - the income year whose last day falls within the 12 months before the leaving time;

(b) for the purposes of the rest of Division 715 (unless paragraph (c) of this subsection applies) - the income year whose last day falls within the ^* trial year;

(c) if paragraph (a) or (b) of this subsection applies but there is no such day in those 12 months or the trial year - the income year in which the joining time or the leaving time occurs.

S 716-805 inserted by No 147 of 2005, s 3 and Sch 1 item 133, effective 14 December 2005. For application provision, see note under s 165-13(1).