Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-90
-
CONSOLIDATED GROUPS
Division 707
-
Losses for head companies when entities become members etc.
Subdivision 707-A
-
Transfer of losses to head company
Application
SECTION 707-115 707-115 What losses this Subdivision applies to
This Subdivision applies to a loss of any * sort if:
(a) an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and
(b) the loss was made by the joining entity for an income year ending before the joining time.
707-115(2)
(Repealed by No 88 of 2013)
View history note
Hide history noteSECTION 707-115 707-115 What losses this Subdivision applies to
This Subdivision applies to a loss of any * sort if:
(a) an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and
(b) the loss was made by the joining entity for an income year ending before the joining time.
Note 1:
If the joining entity had a loss transferred to it by a previous operation of this Subdivision (when the entity was the head company of a consolidated group), this Subdivision operates later as if the joining entity had made the loss. See section 707-140 .
Note 2:
Section 707-405 may affect the income year for which the joining entity is treated as having made the loss, if the joining entity made the loss and the loss is referable to part of an income year.
(Repealed by No 88 of 2013)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.