Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Act 2019 (7 of 2019)
Schedule 1 Access to losses
Part 3 Consequential amendments
Income Tax Assessment Act 1997
113 Subsection 707-135(1)
Repeal the subsection, substitute:
(1) This section operates if the loss had been transferred to the joining entity (by a previous operation of this Subdivision) because the entity from which the loss was transferred carried on during a particular period:
(a) the same business as it carried on at a particular time; or
(b) if section 165-211 applies in relation to the loss - a business similar to the business it carried on at a particular time.
Note: Section 165-211 enables an entity to satisfy the business continuity test by carrying on a similar business.