Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A company is exempt from these rules if, at the time of the change in ownership or control, it (together with certain related entities) has a net asset value of not more than $6,000,000 under the test in section 152 - 15 (for small business CGT relief).
(2) In working out whether it has an unrealised net loss, a company can choose to work out the market value of each of its assets individually, or of all of its assets together.
(3) If a company works out the market value of each of its assets individually, it may choose to exclude every asset that it acquired for less than $10,000, in which case:
(a) unrealised losses and gains on the excluded assets will not be taken into account in calculating the company's unrealised net loss; and
(b) losses on the excluded assets will be allowed without the company being subject to the business continuity test.
Table of sections
Operative provisions
165 - 115A Application of Subdivision
165 - 115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time
165 - 115BAWhat happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
165 - 115BBOrder of application of assets: residual unrealised net loss
165 - 115C Changeover time--change in ownership of company
165 - 115D Changeover time--change in control of company
165 - 115E What is an unrealised net loss
165 - 115F Notional gains and losses