Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p24
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 24/46)
Character Range: 3112561–3115215

1: For the business continuity test, see Subdivision 165‑E.
Note 2: See section 165‑255 for the rule about incomplete test periods.
 (6) Apply the *business continuity 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.

166‑50  Companies can choose that this Subdivision is not to apply to them
 (1) The company 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.

Subdivision 166‑CA—Changeover times and alteration times

Table of sections
166‑80 How Subdivision 165‑CC or 165‑CD applies to a widely held or eligible Division 166 company
166‑90 Companies can choose that this Subdivision is not to apply to them

166‑80  How Subdivision 165‑CC or 165‑CD applies to a widely held or eligible Division 166 company
 (1) This Subdivision modifies the way in which:
 (a) Subdivision 165‑CC applies in determining whether a changeover time (within the meaning of section 165‑115C) has occurred; or
 (b) Subdivision 165‑CD applies in determining whether an alteration time (within the meaning of section 165‑115L) has occurred;
in relation to a company that is:
 (c) a *widely held company at all times during the income year; or
 (d) an *eligible Division 166 company at all times during the income year; or
 (e) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year.
Note 1: Subdivision 165‑CC is about the conditions a company that has an unrealised net loss must satisfy before it can have capital losses taken into account or deduct revenue losses. Subdivision 165‑CD provides for reductions in cost bases and certain other reductions after alterations have occurred in the ownership or control of a loss company.
Note 2: A company can choose that this Subdivision is not to apply to it: see section 166‑90.
Note 3: See section 165‑255 for the rule about incomplete income years.

Meaning of test period and test time
 (2) The company's test period is the period starting at the time that is the reference time for the purposes of Subdivision 165‑CC or section 165‑115L, as the case may be, and ending at each of the following times (the