Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_119
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 119
Character Range: 102700–103456

119  Subsection 707‑210(6)
Repeal the subsection, substitute:

Same business test applying to latest transferee under Division 166

 (6) If subsection 166‑5(5) affects whether the latest transferee can *utilise the loss for the income year because the latest transferee is a *widely held company or an *eligible Division 166 company, or both, during the year, subsection 166‑5(6) operates as if it required the *same business test to be applied to the *business the latest transferee carried on just before the time described in subsection (5) of this section.

Note: Companies whose total income for an income year is more than $100 million cannot satisfy the same business test (even if the company carries on the same business): see section 165‑212A.