Section 124ZTA — Income Tax Assessment Act 1936: Taxable income in first year as PDF if PDF component is nil

(1) This section applies if: (a) a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and (b) the PDF component for the year of income is a nil amount; and (c) the year of income is the 1997-98 year of income or a later one. (2) The company’s taxable income of the year of income is the amount that, if the period (the notional year) beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company, would be the company’s taxable income of the notional year.