18Application of bad debt provisions of the Income Tax Assessment Act

18 Application of bad debt provisions of the Income Tax Assessment Act

(1) In applying Subdivision 165‑C or 166‑C of the Income Tax Assessment Act 1997 to decide whether a Bank body can deduct an amount for a bad debt in the year of income in which the completion time occurred, or in a later year of income, it must be assumed that the persons who beneficially owned the shares in the Commonwealth Bank immediately after the completion time were also the beneficial owners of the shares at all times before the completion time. (2) In this section:

completion time means the time when the Commonwealth ceases to be a shareholder in the Commonwealth Bank.