Income Tax Assessment Act 1997

In applying to the leaving entity for the ^* changeover time that is the leaving time, subsection 165-115B(3) and paragraph 165-115BA(5)(c) have effect as if they provided that the time just after the changeover time were the test time for applying section 165-13 to the company.

Note:

This ensures that the business continuity test is applied to the business that the leaving entity carries on at the leaving time.

View history note

History

S 715-90(2) amended by No 7 of 2019, s 3 and Sch 1 item 138, by substituting " business continuity test " for " same business test " in the note, effective 1 April 2019 and applicable in relation to income years starting on or after 1 July 2015.

S 715-90(2) amended by No 12 of 2012, s 3 and Sch 6 item 160, by substituting " and paragraph 165-115BA(5)(c) have effect as if they " for " has effect as if it " , applicable on and after 1 July 2002.

S 715-90(2) substituted by No 142 of 2003, s 3 and Sch 7 item 11.

Act No 142 of 2003, s 3 and Sch 7 item 15, contains the following application provision:

(1)
The amendments apply to assessments for the 1997-98 income year and later income years.

(2)
However, an amendment affecting a provision does not apply to anything to which the provision did not apply before the amendment.
Example: Section 707-125 of the Income Tax Assessment Act 1997 applies on and after 1 July 2002. Despite the reference in subitem (1) to the 1997-98 income year, the amendments of that section do not apply before 1 July 2002.

S 715-90(2) formerly read:

715-90(2)
The continuity period referred to in subsection 165-115B(3) , as applying to the leaving time as a ^* changeover time for the leaving entity, is taken to have ended just after that time.
Note:

This ensures that the same business test is applied to the business that the leaving entity carries on at the leaving time: see subsection 165-13(3).

S 715-90 inserted by No 16 of 2003, s 3 and Sch 7 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.