Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:14_16:p2
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 14 cl 16 (pt 2/3)
Character Range: 214424–217042

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 Act 1997 as affected by the amendments; and
 (b) must be given within the 6 months referred to in subsection (1) of this section, or within a further period allowed by the Commissioner; and
 (c) must otherwise be given in accordance with that section.

165‑115ZD  Adjustment (or further adjustment) for interest realised at a loss after global method has been used
 (1) This section affects how sections 165‑115ZA and 165‑115ZB of the Income Tax Assessment Act 1997 apply to an interest (the equity) in, or a debt owed by, a company if apart from this section, a loss:
 (a) would be realised for income tax purposes by a realisation event that happens to the equity or debt; or
 (b) would be so realised but for Subdivision 170‑D of that Act (which defers realisation of capital losses and deductions);
and the company chose to use the global method of working out whether it had an adjusted unrealised loss at the last alteration time:
 (c) that happened for the company, before the realisation event; and
 (d) immediately before which the equity or debt was, or was part of:
 (i) if the company was a loss company at that alteration time—a relevant equity interest, or a relevant debt interest, that an entity had in the company; or
 (ii) otherwise—what would have been such an interest if the company had been a loss company at that alteration time;
and these conditions are satisfied:
 (e) that last alteration time is before the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent; and
 (f) the entity that owns the equity or debt immediately before the realisation event chooses to apply this section to the equity or debt, in relation to that last alteration time, instead of section 165‑115ZD of the Income Tax Assessment Act 1997; and
 (g) the choice is made on or before the latest of these:
 (i) the last day of the period of 6 months after the day referred to in paragraph (c) of this subsection;
 (ii) the day on which the entity lodges its income tax return for the income year in which the realisation 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