Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 715 - Interactions between this Part and other areas of the income tax law  

Subdivision 715-G - How value shifting rules apply to a consolidated group  

SECTION 715-450  

715-450   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 ^* equity or loan interest in an entity:

(a) the loss is not subject to reduction under Division 723 (Direct value shifting by creating right over non-depreciating asset) or 727 (Indirect value shifting); and

(b) the interest ' s ^* adjustable value is not, and is taken never to have been, reduced under Division 725 because of a ^* direct value shift during the ownership period referred to in subsection 715-610(2) ; and

(c) the interest ' s ^* adjustable value is not, and is taken never to have been, reduced under Division 727 because of an ^* indirect value shift during that period.

Note:

Section 715-610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.