Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_36
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 36
Character Range: 15935–16611

36  Section 165‑93
Repeal the section, substitute:

165‑93  What this Subdivision is about

      In working out its net capital gain for an income year, a company cannot apply a net capital loss for an earlier income year unless:

                (a) it has the same owners and the same control from the start of the loss year to the end of the income year; or
                (b) it satisfies the same business test by carrying on the same business, entering into no new kinds of transactions and conducting no new kinds of business.
      (Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for that year.)