Income tax: capital gains: if a company seeks to carry forward a net capital loss but fails the continuing ownership test, can it rely on the same business test as set out in section 80E?

Taxation Determination 92/175 is withdrawn with effect from today.

Subsection 160ZC(5) of the Income Tax Assessment Act 1936 has been amended with effect from the 1997/1998 year of income to insert a reference to Subdivision 165-A of the Income Tax Assessment Act 1997 which clarifies that the same business test is available to the company seeking to carry forward a net capital loss.