Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p3
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 3/25)
Character Range: 39722–42275

Apply the *same business test to the *business that the company carried on immediately before the earlier of the following times (the test time):
 (a) the end of the first income year;
 (b) the first time in the test period that a *corporate change in the company *ends;
for which there is no *substantial continuity of ownership of the company as between the start of the *test period and that time.

166‑15  Companies can choose that this Subdivision is not to apply to them

 (1) The company can choose that Subdivision 165‑A is to apply to it for the income year without the modifications made by this Subdivision.

 (2) The company must choose on or before the day it lodges its *income tax return for the income year, or before a later day if the Commissioner allows.

Subdivision 166‑B—Working out the taxable income, tax loss, net capital gain and net capital loss for the income year of the change

Table of sections

166‑20 How Subdivisions 165‑B and 165‑CB apply to a widely held or eligible Division 166 company
166‑25 How to work out the taxable income, tax loss, net capital gain and net capital loss
166‑35 Companies can choose that this Subdivision is not to apply to them

166‑20  How Subdivisions 165‑B and 165‑CB apply to a widely held or eligible Division 166 company

 (1) This Subdivision modifies how Subdivisions 165‑B and 165‑CB apply to a company that is:
 (a) a *widely held company at all times during the income year (the test period); or
 (b) an *eligible Division 166 company at all times during the income year (the test period); or
 (c) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year (the whole year being the test period).

Note 1: Subdivision 165‑B is about when a company must calculate its taxable income and tax loss for the income year in a special way. Subdivision 165‑CB is about when a company must calculate its net capital gain and net capital loss for the income year in a special way.

Note 2: A company can choose that this Subdivision is not to apply to it: see section 166‑35.

Note 3: See section 165‑255 for the rule about incomplete test periods.

No corporate change etc.

 (2) If:
 (a) no *corporate change in the company *ends at any time in the *test period; or
 (b) a corporate change in the company *ends during the test period, but there is *substantial continuity of ownership as between the start of the test period and immediately after the corporate change ends;
the company is taken to have met the condition in