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

14   Section 165-10 (note)

Repeal the note, substitute:

Note 1: In the case of a widely held or eligible Division 166 company, Subdivision 166-A modifies how this Subdivision applies, unless the company chooses otherwise.

Note 2: Companies whose total income for an income year is more than $100 million cannot meet the condition in section 165-13 for that year: see section 165-212A.