Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 166.25

  (1)   If the company must calculate its taxable income and * tax loss for the income year under Subdivision   165 - B, and its * net capital gain and * net capital loss under Subdivision   165 - CB, then, in dividing the income year into periods, apply subsection   (2) of this section instead of subsection   165 - 45(3).

  (2)   The last period ends at the end of the income year. Each period (except the last) ends at the earlier of:

  (a)   the earliest time when:

  (i)   a * corporate change in the company * ends; and

  (ii)   there is no * substantial continuity of ownership of the company as between the start of the * test period and that time; or

  (b)   the earliest time when a person begins to control, or becomes able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of:

  (i)   getting some benefit or advantage to do with how this Act applies; or

  (ii)   getting such a benefit or advantage for someone else.

Note:   See sections   166 - 145 and 166 - 175 to work out whether there is substantial continuity of ownership and a corporate change.