Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-5
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CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 165
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Income tax consequences of changing ownership or control of a company
Subdivision 165-CC
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Change of ownership or control of company that has an unrealised net loss
Guide to Subdivision 165-CC
SECTION 165-115 What this Subdivision is about
View history note
Hide history noteSECTION 165-115 What this Subdivision is about
If a change occurs in the ownership or control of a company that has an unrealised net loss, the company cannot, to the extent of the unrealised net loss, have capital losses taken into account, or deduct revenue losses, in respect of CGT events that happen to CGT assets that it owned at the time of the change, unless it satisfies the business continuity test.
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