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

113   Subsection 707-135(1)

Repeal the subsection, substitute:

(1) This section operates if the loss had been transferred to the joining entity (by a previous operation of this Subdivision) because the entity from which the loss was transferred carried on during a particular period:

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

(b) if section 165-211 applies in relation to the loss - a business similar to the business it carried on at a particular time.

Note: Section 165-211 enables an entity to satisfy the business continuity test by carrying on a similar business.