Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:10_15:p3
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 3/5)
Character Range: 77771–80485

or
 (b) if paragraph 180‑5(2)(b) applies—the company is required, and taken always to have been required:
 (i) to calculate its taxable income and tax loss for the income year under Subdivision 165‑B; and
 (ii) to calculate its *net capital gain and *net capital loss for the income year under Subdivision 165‑CB; or
 (c) if paragraph 180‑5(2)(c) applies—the company is not entitled, and is taken never to have been entitled, to apply the net capital loss; or
 (d) if paragraph 180‑5(2)(d) applies—the company is not entitled, and is taken never to have been entitled, to deduct the debt.

 (5) If, because of paragraph (4)(b), the company is required to calculate under Subdivision 165‑B its taxable income and *tax loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest possible taxable income for the income year.

 (6) If, because of paragraph (4)(b), the company is required to calculate under Subdivision 165‑CB its *net capital gain and *net capital loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest net capital gain for the income year.

No offences or penalties

 (7) To avoid doubt, subsections (4) to (6) do not cause the company to commit any offence or be liable to any penalty under Part VII of the Income Tax Assessment Act 1936 for:
 (a) deducting the *tax loss; or
 (b) not calculating its taxable income and tax loss under Subdivision 165‑B as it applies in accordance with subsection (5) of this section; or
 (c) not calculating its *net capital gain and *net capital loss under Subdivision 165‑CB as it applies in accordance with subsection (6) of this section; or
 (d) applying the net capital loss; or
 (e) deducting the debt;
in the company's return.

Subdivision 180‑B—Information relevant to Division 175

Table of sections

180‑15 Information about family trusts with interests in companies
180‑20 Notice where requirements of section 180‑15 are met

180‑15  Information about family trusts with interests in companies

Notice about company

 (1) The Commissioner may give a company a notice in accordance with section 180‑20 if the requirements of this section are met.

Tax detriment under Division 175

 (2) The Commissioner:
 (a) must have been prevented by subsection 175‑10(2) or 175‑15(2) from disallowing, as a deduction for an income year, the whole or part of a *tax loss from a *loss year; or
 (b) must have been prevented by subsection 175‑20(2), 175‑25(2) or 175‑30(4) from disallowing the whole or part of a deduction for an income year; or