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Legal database

Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-CA - Applying net capital losses of earlier income years  

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Guide to Subdivision 165-CA

SECTION 165-93   What this Subdivision is about  

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In working out its net capital gain for an income year, a company cannot apply a net capital loss for an earlier income year unless:

  • (a) it has the same owners and the same control from the start of the loss year to the end of the income year; or
  • (b) it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015).

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    TABLE OF SECTIONS
    TABLE OF SECTIONS
    Operative provisions
    165-96 When a company cannot apply a net capital loss


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