Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 165.45

(1) Divide the income year into periods as follows.

(2) The first period starts at the start of the income year. Each later period
starts immediately after the end of the previous period.

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

   (a)  the latest time that would result in persons having *more than a 50%
        stake in the company during the whole of the period; 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.

(4) However, what would otherwise be 2 or more successive periods are treated
as a single period if the company satisfies the *same business test for all of
them, considered as a single period (the same business test period). Apply the
same business test to the *business the company carried on immediately before
the end of the first of the periods (the test time). For the same business
test: see Subdivision 165-E.