Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 715
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Interactions between this Part and other areas of the income tax law
Subdivision 715-B
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How Subdivision 165-CD applies to consolidated groups and leaving entities
How Subdivision 165-CD applies to consolidated groups
SECTION 715-230 715-230 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
If section 715-610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an interest in, or a debt owed by, a company, sections 165-115ZA and 165-115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an * alteration time that happened for the company during the ownership period referred to in subsection 715-610(2) .
View history note
Hide history noteSECTION 715-230 715-230 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
If section 715-610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an interest in, or a debt owed by, a company, sections 165-115ZA and 165-115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an * alteration time that happened for the company during the ownership period referred to in subsection 715-610(2) .
Note 1:
Section 715-610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.
Note 2:
Sections 165-115ZA and 165-115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.
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