Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 165 - Income tax consequences of changing ownership or control of a company  

Subdivision 165-E - Business continuity test  

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History

Subdiv 165-E heading substituted by No 7 of 2019, s 3 and Sch 1 item 81, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015. The heading formerly read:

Subdivision 165-E - The same business test

SECTION 165-212D   Restructure of MDOs etc.  

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165-212D(1)    

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An *MDO does not fail to satisfy the *business continuity test merely because, before 1 July 2003:

(a) the MDO restructured the way it *provides medical indemnity cover; or

(b) the MDO ceased to provide medical indemnity cover;

in order to comply with the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 .

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History

S 165-212D(1) amended by No 7 of 2019, s 3 and Sch 1 item 82, by substituting " *business continuity test " for " *same business test " , effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

165-212D(2)    

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A *general insurance company which is an *associate of an *MDO does not fail to satisfy the *business continuity test merely because, before 1 July 2003:

(a) the MDO restructured the way it *provides medical indemnity cover; or

(b) the MDO ceased to provide medical indemnity cover;

in order to comply with the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 .

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History

S 165-212D(2) amended by No 7 of 2019, s 3 and Sch 1 item 82, by substituting " *business continuity test " for " *same business test " , effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

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History

S 165-212D inserted by No 147 of 2005.

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