Commonwealth Consolidated Acts Commonwealth Consolidated ActsA choice under section 165 - 115E of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an unrealised net loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if:
(a) that time is before that day; and
(b) subsection 165 - 115E(4) of that Act would otherwise require the choice to be made before the end of those 6 months.
Table of sections
165 - 115U Choice to use global method to work out adjusted unrealised loss
165 - 115ZC When certain notices to be given
165 - 115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used