Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1997
1 Sections 165 - 212A, 165 - 212B and 165 - 212C
Repeal the sections.
2 Section 716 - 805
Repeal the section.
Part 2 -- Consequential amendments
Income Tax Assessment Act 1997
3 Section 165 - 5
Omit:
(Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for that year.)
4 Section 165 - 10 (note 1)
Omit "Note 1", substitute "Note".
5 Section 165 - 10 (note 2)
Repeal the note.
6 Subsection 165 - 13(1)
Omit "(other than a company covered by section 165 - 212A)".
7 Subsection 165 - 13(1) (note 1)
Omit "Note 1", substitute "Note".
8 Subsection 165 - 13(1) (note 2)
Repeal the note.
9 Subsection 165 - 15(2) (note)
Repeal the note.
10 Subsection 165 - 23
Omit:
(Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for that year.)
11 Section 165 - 30
Repeal the section, substitute:
165 - 30 Flow chart showing the application of this Subdivision
Note: If the company was a partner during the income year, special rules apply to calculating a notional loss or notional taxable income.
12 Section 165 - 35 (note 3)
Repeal the note.
13 Subsection 165 - 40(2) (note)
Repeal the note.
14 Subsection 165 - 45(4) (note 3)
Repeal the note.
15 Section 165 - 93
Omit:
(Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for that year.)
16 Section 165 - 99
Omit:
(Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for that year.)
17 Section 165 - 115
Omit:
(Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for that year.)
18 Subsection 165 - 115B(4) (note)
Repeal the note.
19 Subsection 165 - 115BA(4) (note)
Repeal the note.
20 Section 165 - 117
Omit:
(Companies whose total income for the income year is more than $100 million cannot satisfy the same business test for the second continuity period.)
21 Subsection 165 - 120(1) (note 4)
Repeal the note.
22 Subsection 165 - 126(1)
Omit "(other than a company covered by section 165 - 212A)".
23 Subsection 165 - 126(1) (note 1)
Omit "Note 1", substitute "Note:".
24 Subsection 165 - 126(1) (note 2)
Repeal the note.
25 Subsection 165 - 129(2) (note)
Repeal the note.
26 Subsection 165 - 132(1) (note)
Repeal the note.
27 Subsection 165 - 210(1)
Omit "(other than a company covered by section 165 - 212A)".
28 Subsection 165 - 210(1) (note)
Repeal the note.
29 Subsection 166 - 5(5) (note 2)
Repeal the note.
30 Subsection 166 - 5(5) (note 3)
Omit "Note 3", substitute "Note 2".
31 Subsection 166 - 20(4) (note 2)
Repeal the note.
32 Subsection 166 - 20(4) (note 3)
Omit "Note 3", substitute "Note 2".
33 Subsection 166 - 40(5) (note 2)
Repeal the note.
34 Subsection 166 - 40(5) (note 3)
Omit "Note 3", substitute "Note 2".
35 Subsection 175 - 5(2) (note)
Repeal the note.
36 Subsection 175 - 40(2) (note 1)
Omit "Note 1", substitute "Note".
37 Subsection 175 - 40(2) (note 2)
Repeal the note.
38 Subsection 175 - 80(2) (note)
Repeal the note.
39 Subsection 701 - 30(3A) (note 1)
Omit "Note 1", substitute "Note:".
40 Subsection 701 - 30(3A) (note 2)
Repeal the note.
41 Subsection 707 - 120(3) (note)
Repeal the note.
42 Subsection 707 - 125(2) (note)
Repeal the note.
43 Subsection 707 - 125(3) (note)
Repeal the note.
44 Subsection 707 - 125(4) (note 1)
Omit "Note 1", substitute "Note".
45 Subsection 707 - 125(4) (note 2)
Repeal the note.
46 Subsection 707 - 135(2) (note)
Repeal the note.
47 Subsection 707 - 210(6) (note)
Repeal the note.
48 Subsection 715 - 15(1) (note 1)
Omit "Note 1", substitute "Note".
49 Subsection 715 - 15(1) (note 2)
Repeal the note.
50 Subsection 715 - 50(1) (note)
Repeal the note.
51 Subsection 715 - 55(1) (note 1)
Omit "Note 1", substitute "Note".
52 Subsection 715 - 55(1) (note 2)
Repeal the note.
53 Subsection 715 - 60(1) (note 1)
Omit "Note 1", substitute "Note".
54 Subsection 715 - 60(1) (note 2)
Repeal the note.
55 Subsection 715 - 70(2) (note 1)
Omit "Note 1", substitute "Note".
56 Subsection 715 - 70(2) (note 2)
Repeal the note.
57 Subsection 715 - 95(3) (note 1)
Omit "Note 1", substitute "Note".
58 Subsection 715 - 95(3) (note 2)
Repeal the note.
59 Subsection 715 - 355(3) (note 1)
Omit "Note 1", substitute "Note".
60 Subsection 715 - 355(3) (note 2)
Repeal the note.
61 Subsection 715 - 360(3) (note 3)
Repeal the note.
62 Subsection 716 - 850(1) (note 1)
Omit "Note 1", substitute "Note".
63 Subsection 716 - 850(1) (note 2)
Repeal the note.
64 Subsection 719 - 260(2) (note)
Omit "(However, companies whose total income for the claim year is more than $100 million cannot satisfy the same business test for that year: see section 165 - 212A.)".
65 Subsection 719 - 260(3) (note)
Repeal the note.
66 Section 719 - 285 (note 1)
Omit "(Companies whose total income for an income year is more than $100 million cannot satisfy the same business test for the same business test period: see section 165 - 212A.)".
67 Subsection 995 - 1(1) (definition of total income )
Repeal the definition.
68 Application
The amendments made by this Schedule apply to:
(a) any tax loss that is incurred in an income year commencing on or after 1 July 2005; and
(b) any net capital loss that is made in an income year commencing on or after 1 July 2005; and
(c) any deduction in respect of a bad debt that is incurred in an income year commencing on or after 1 July 2005.