Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.40

(1) A company must calculate its taxable income and tax loss under this
Subdivision if, during the income year, 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:

   (a)  getting some benefit or advantage in relation to how this Act applies;
        or

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

(2) However, that person's control of the voting power, or ability to control
it, does not require the company to calculate its taxable income under this
Subdivision if the company satisfies the *same business test for the rest of
the income year (the same business test period).

(3) Apply the *same business test to the *business that the company carried on
immediately before the time (the test time) when the person began to control
that voting power, or became able to control it. For the same business test:
see Subdivision 165-E.