Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:14_16:p3
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 14 cl 16 (pt 3/3)
Character Range: 216802–218560

event occurred;
 (iii) such later day as the Commissioner allows.
If the entity makes that choice, this section applies accordingly instead of that section.
 (2) In addition to any application to the equity or debt, in relation to that last alteration time, that sections 165‑115ZA and 165‑115ZB of the Income Tax Assessment Act 1997 have apart from this section, those sections apply (and are taken always to have applied) to the equity or debt, in relation to that last alteration time, as if:
 (a) the company had an adjusted unrealised loss at that time equal to the loss referred to in paragraph (1)(a) of this section, except so much of the loss as it is reasonable to conclude is attributable to none of these:
 (i) a notional capital loss, or a notional revenue loss, that the company has at that last alteration time in respect of a CGT asset;
 (ii) a trading stock decrease in relation to that time for a CGT asset that was trading stock of the company at that time; and
 (b) the company were therefore a *loss company at that time; and
 (c) that adjusted unrealised loss were the company's overall loss at that time.
 (3) For the purposes of how sections 165‑115ZA and 165‑115ZB of the Income Tax Assessment Act 1997 apply because of this section, the adjustment amount under section 165‑115ZB of that Act is to be worked out and applied in accordance with subsection 165‑115ZB(6) (the non‑formula method) of that Act.
 (4) To avoid doubt:
 (a) a notice need not be given under section 165‑115ZC of the Income Tax Assessment Act 1997 because of this section; and
 (b) this section does not affect the requirements that apply to a notice that otherwise must be given under that section.

Part 3—Dictionary amendments

Income Tax Assessment Act 1997