Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 2/2)
Character Range: 563668–565506

(b) for which there was no *substantial continuity of ownership of the company as between the start of the test period and that time.

166‑45  How Subdivision 165‑C applies to a 100% subsidiary of a listed public company

 (1) This Subdivision also modifies the way Subdivision 165‑C applies to a company that is not a *listed public company, but only if the conditions in subsections (2) and (3) are met.

Note: Subdivision 165‑C is about the conditions a company must satisfy before it can deduct a bad debt for an earlier income year.

 (2) The company (the subsidiary) must be a *100% subsidiary of another company (the holding company) at all times during a period consisting of:

 (a) the *first continuity period of the subsidiary; and

 (b) the *second continuity period of the subsidiary; and

 (c) any intervening period.

 (3) Also, the *holding company must be a *listed public company at all times during that period.

 (4) If the conditions are met then, for the purposes of applying Subdivision 165‑C to the subsidiary, this Subdivision applies to the subsidiary as if:

 (a) the subsidiary were itself a *listed public company at all times during that period; and

 (b) an *abnormal trading in *shares in the *holding company during that period were an abnormal trading in shares in the subsidiary.

(Subdivisions 166‑D, 166‑F and 166‑G apply to the subsidiary in the same way and for the same purpose.)

166‑50  Companies can choose that this Subdivision is not to apply to them

 (1) The *listed public company or subsidiary can choose that Subdivision 165‑C 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.