Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p36
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 36/48)
Character Range: 316929–319659

of sections
165‑115E Choice to use global method to work out unrealised net loss

165‑115E  Choice to use global method to work out unrealised net loss
  A choice under section 165‑115E of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an unrealised net loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if:
 (a) that time is before that day; and
 (b) subsection 165‑115E(4) of that Act would otherwise require the choice to be made before the end of those 6 months.

Subdivision 165‑CD—Reductions after alterations in ownership or control of loss company

Table of sections
           165‑115U Choice to use global method to work out adjusted unrealised loss
           165‑115ZC When certain notices to be given
           165‑115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used

165‑115U  Choice to use global method to work out adjusted unrealised loss
  A choice under section 165‑115U of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an adjusted unrealised loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if:
 (a) that time is before that day; and
 (b) subsection 165‑115U(1D) of that Act would otherwise require the choice to be made before the end of those 6 months.

165‑115ZC  When certain notices to be given
 (1) A notice under subsection 165‑115ZC(4) or (5) of the Income Tax Assessment Act 1997 must be given within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if the alteration time is before that day.
 (2) If, because of amendments made by Schedule 14 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002, a notice already given under subsection 165‑115ZC(4) or (5) of the Income Tax Assessment Act 1997 before the day referred to in subsection (1) of this section no longer complies with section 165‑115ZC of the Income Tax Assessment Act 1997, the entity required to give the notice may comply with that section 165‑115ZC by giving a further notice.
 (3) The further notice:
 (a) must vary the notice referred to in subsection (2) in such a way (which may include setting out additional information) that the notice as varied complies with section 165‑115ZC of the Income Tax Assessment