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INCOME TAX ASSESSMENT ACT 1936 - SECT 124ZTA

Taxable income in first year as PDF if PDF component is nil

  (1)   This section applies if:

  (a)   a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and

  (b)   the PDF component for the year of income is a nil amount; and

  (c)   the year of income is the 1997 - 98 year of income or a later one.

  (2)   The company's taxable income of the year of income is the amount that, if the period (the notional year ) beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company, would be the company's taxable income of the notional year.


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