Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision sets out cases where the Commissioner may disallow some or all of a deduction for a debt (or part of a debt) that is owed to a company and is written off as bad in the income year.
(2) However, the Commissioner cannot disallow any of the deduction if the company:
(a) fails to meet a condition in section 165 - 123 (about the company maintaining the same owners) in respect of the * first continuity period or the * second continuity period; but
(b) meets the condition in section 165 - 126 by satisfying the * business continuity test under section 165 - 210.