Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 165.10

                   A company cannot deduct a * tax loss unless either:

                     (a)  it meets the conditions in section 165- 12 (which is about the company maintaining the same owners); or

Note:       See section 165- 215 for a special alternative to these conditions.

                     (b)  it meets the condition in section 165- 13 (which is about the company satisfying the same business test).

Note:          In the case of a widely held or eligible Division 166 company, Subdivision 166-A modifies how this Subdivision applies, unless the company chooses otherwise.