Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:1_6
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 8740–9663

6  After subsection 434(1)
Insert:

 (1A) In working out the gross turnover of a company of a statutory accounting period, assume that the amounts shown in the company's recognised accounts, as mentioned in paragraphs (1)(b) and (c), for that period had been worked out by also including:
 (a) as gains derived by the company in that period—capital gains that would have accrued to the company; and
 (b) as losses incurred by the company in that period—capital losses the company would have incurred;
in that period because of section 160ZZOA, if the assumptions in paragraphs 383(a) to (c) had applied.

Note 1: Section 160ZZOA is about companies ceasing to be related after a roll‑over.

Note 2: Basically, the effect of the assumptions in paragraphs 383(a) to (c) is that the company concerned is taken to be a taxpayer and a resident and may therefore be taken to have disposed of an asset because of section 160ZZOA.