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 707 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 ).

Subdiv 707-A heading substituted by No 88 of 2013, s 3 and Sch 6 item 28, effective 29 June 2013. The heading formerly read:

Subdivision 707-A - Transfer of previously unutilised losses to head company

Subdiv 707-A 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 ).

S 707-135(1) substituted by No 7 of 2019, s 3 and Sch 1 item 113, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015. S 707-135(1) formerly read:

707-135(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 the same business as it carried on at a particular time.

S 707-135(2) amended by No 7 of 2019, s 3 and Sch 1 items 114 and 115, by substituting " *business continuity test " for " *same business test " and " business continuity test period " for " same business test period " in para (a), effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 707-135(2) amended by No 164 of 2007 , s 3 and Sch 6 item 46, by repealing the note, 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.

The note formerly read:

Note:

Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for the same business test period: see section 716-805 .

S 707-135(2) amended by No 147 of 2005.

S 707-135 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 ).

S 707-135 inserted by No 68 of 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).