Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Act 2019 (7 of 2019)

Schedule 1   Access to losses

Part 3   Consequential amendments

Income Tax Assessment Act 1997

104   Subsection 707-120(3)

Repeal the subsection, substitute:

Business continuity test involving trial year

(3) When working out whether the joining entity carried on, throughout the *trial year (or a period including the trial year):

(a) the same business as the business it carried on at a particular time; or

(b) a similar business to the business it carried on at that time;

assume that the entity carried on at and just after the joining time the same business that it carried on just before the joining time.