Commonwealth Numbered Acts Commonwealth Numbered 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.