Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 1   Loss recoupment rules for companies etc.

Income Tax Assessment Act 1997

113   Subsection 707-125(4) (note)

Repeal the note, substitute:

Note 1: Subdivision 166-A applies to widely held companies and eligible Division 166 companies unless they choose that Subdivision 165-A apply to them without the modifications made by Subdivision 166-A.

Note 2: 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.