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

28   Section 165-35 (notes)

Repeal the notes, substitute:

Note 1: For the same business test, see Subdivision 165-E.

Note 2: In the case of a widely held or eligible Division 166 company, Subdivision 166-B modifies how this Subdivision applies, unless the company chooses otherwise.

Note 3: Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for the rest of the year: see section 165-212A.