Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_12
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 10766–11372

12  Section 165‑5
Repeal the section, substitute:

165‑5  What this Subdivision is about

      A company cannot deduct a tax loss unless:

                (a) it has the same owners and the same control throughout the period 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.)