Income Tax Assessment Act 1997
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Hide history noteSECTION 165-115AA Special rules to save compliance costs 165-115AA(1)
A company is exempt from these rules if, at the time of the change in ownership or control, it (together with certain related entities) has a net asset value of not more than $6,000,000 under the test in section 152-15 (for small business CGT relief).
165-115AA(2)
In working out whether it has an unrealised net loss, a company can choose to work out the market value of each of its assets individually, or of all of its assets together.
165-115AA(3)
If a company works out the market value of each of its assets individually, it may choose to exclude every asset that it acquired for less than $10,000, in which case:
(a) unrealised losses and gains on the excluded assets will not be taken into account in calculating the company ' s unrealised net loss; and
(b) losses on the excluded assets will be allowed without the company being subject to the business continuity test.
| Operative provisions | |
| 165-115A | Application of Subdivision |
| 165-115B | What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time |
| 165-115BA | What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock |
| 165-115BB | Order of application of assets: residual unrealised net loss |
| 165-115C | Changeover time - change in ownership of company |
| 165-115D | Changeover time - change in control of company |
| 165-115E | What is an unrealised net loss |
| 165-115F | Notional gains and losses |
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