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-H - Cancelling loss on realisation event for direct or indirect interest in a member of a consolidated group  

SECTION 715-620   Exception if loss attributable to certain matters  

715-620(1)    
The loss is not reduced if all of it can be shown to be attributable to things other than these:

(a) something that would be reflected in what would, apart from this Part, be an overall loss under section 165-115R or 165-115S , of a ^* member of a ^* consolidated group (an excluded group ) because of which the first condition in section 715-610 is satisfied, at an ^* alteration time for that member;

(b) an ^* indirect value shift for which, apart from this Part, a member of an excluded group would be the ^* losing entity or the ^* gaining entity.

715-620(2)    
If only part of the loss can be shown to be attributable to things other than the ones listed in subsection (1), the loss is reduced to the amount of that part.