Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 7   Application of same business test

Part 1   Tax losses

Division 2   Consequential amendments

Income Tax Assessment Act 1997

11   Subsection 715-90(2)

Repeal the subsection, substitute:

(2) In applying to the leaving entity for the *changeover time that is the leaving time, subsection 165-115B(3) has effect as if it provided that the time just after the changeover time were the test time for applying section 165-13 to the company.

Note: This ensures that the same business test is applied to the business that the leaving entity carries on at the leaving time.