Income Tax Assessment Act 1997
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Hide history noteSECTION 415-35 Tax losses of companies
Scope
415-35(1)
This section applies to a * tax loss of a company if the company is a * designated infrastructure project entity at a time (the status time ) in the * loss year.
Modifications of Divisions 165 and 166
415-35(2)
Despite subsection 165-12(1) , 166-5(2) or 166-20(1) , the * ownership test period or * test period under that subsection starts at the earlier of:
(a) the first time:
(i) that occurs after the status time; and
(ii) at which the company is not a * designated infrastructure project entity; and
(b) the end of the income year referred to in that subsection as the income year.
415-35(3)
In a case to which paragraph (2)(b) applies, the company is treated as meeting the conditions in section 165-12 .
415-35(4)
Despite subsection 165-13(2) , 166-5(5) , 165-15(2) or 166-20(4) , the *business continuity test period under that subsection starts at the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the business continuity test period would start earlier.
415-35(5)
Despite subsection 165-13(2) , 165-15(3) , 166-5(6) or 166-20(4) , the * test time under that subsection occurs just after the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the test time would occur earlier.
415-35(6)
A reference in subsection 165-15(1) to the * loss year is treated as being a reference to the period:
(a) starting at the start of the * ownership test period; and
(b) ending at the end of the income year in which the ownership test period starts.
415-35(7)
For the purposes of working out, under paragraph 165-45(3)(a) or (b) or subsection 165-45(4) , the end of the first period, disregard any part of the income year mentioned in section 165-45 during which the company is a * designated infrastructure project entity.
Note:
A company does not calculate its taxable income and tax loss under Subdivision 165-B if the company was a designated infrastructure project entity during the whole of the income year: see paragraph 165-35(c) .
Exceptions
415-35(8)
Disregard this section for the purposes of Subdivisions 165-CA and 165-CB (about net capital losses) and 175-A and 175-CA (about tax benefits).
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