Income Tax Assessment Act 1997

Subdiv 165-E heading substituted by No 7 of 2019, s 3 and Sch 1 item 81, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015. The heading formerly read:

Subdivision 165-E - The same business test

S 165-212B repealed by No 164 of 2007 , s 3 and Sch 6 item 1, applicable to: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 165-212B formerly read:

SECTION 165-212B Definition of total income  
165-212B(1)
The total income of a company for an income year is the total of the following:

(a) any *assessable income (other than any *net capital gains) *derived during the year by the company;

(b) any *exempt income derived during the year by the company;

(c) any *non-assessable non-exempt income derived during the year by the company.

165-212B(2)
In working out the amount of a company's *non-assessable non-exempt income under paragraph (1)(c), do not include:

(a) any amount covered by section 17-5 (which is about GST); or

(b) any amount of non-assessable non-exempt income that is not included in the company's *assessable income because an equivalent amount has already been included in the company's assessable income (whether in that year or an earlier income year).

Note:

For example, under section 70-90 , the actual amount received for trading stock disposed of outside the ordinary course of business is not included in a company's assessable income because the market value of that stock has already been included in the company's assessable income.

S 165-212B inserted by No 147 of 2005 , s 3 and Sch 1 item 76, effective 14 December 2005. For application provision, see note under s 165-13(1).