CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-90
-
CONSOLIDATED GROUPS
History
Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
).
Division 717
-
International tax rules
History
Div 717 inserted by No 90 of 2002, s 3 and Sch 6 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
).
Subdivision 717-D
-
Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: entry rules
History
Subdiv 717-D (heading) substituted by No 114 of 2010, s 3 and Sch 1 item 52, effective 14 July 2010. The heading formerly read:
Subdivision 717-D
-
Transfer of certain surpluses under CFC, FIF and FLP provisions: entry rules
Subdiv 717-D (heading) substituted by No 16 of 2003, s 3 and Sch 8 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
). The heading formerly read:
"
Subdivision 717-D
-
Attributable income: entry rules
"
Subdiv 717-D inserted by No 90 of 2002, s 3 and Sch 6 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
).
Transfers
SECTION 717-220
FIF surpluses
717-220(1)
This section operates for the purposes of sections
23AK
and
23B
of the
Income Tax Assessment Act 1936
if:
(a)
a company (the
joining company
) becomes a
*
subsidiary member of a
*
consolidated group at a time (the
joining time
); and
(b)
just before the joining time there was a post FIF abolition surplus for a FIF attribution account entity in relation to the joining company for the purposes of those sections; and
(c)
just before the joining time, the joining company
'
s FIF attribution account percentage in relation to the FIF attribution account entity for the purposes of those sections was more than nil.
Credit in relation to the head company
717-220(2)
A post FIF abolition credit arises at the joining time for the FIF attribution account entity in relation to the
*
head company of the group. The credit is equal to the post FIF abolition surplus.
Debit in relation to the joining company
717-220(3)
A post FIF abolition debit arises at the joining time for the FIF attribution account entity in relation to the joining company. The debit is equal to the post FIF abolition surplus.
Definitions
717-220(4)
In this section:
FIF attribution account entity
has the same meaning as in former Part
XI
of the
Income Tax Assessment Act 1936
.
FIF attribution account percentage
has the same meaning as in former Part
XI
of the
Income Tax Assessment Act 1936
.
post FIF abolition credit
has the same meaning as in the
Income Tax Assessment Act 1936
.
post FIF abolition debit
has the same meaning as in the
Income Tax Assessment Act 1936
.
post FIF abolition surplus
has the same meaning as in the
Income Tax Assessment Act 1936
.
History
S 717-220 substituted by No 114 of 2010, s 3 and Sch 1 item 55, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. S 717-220 formerly read:
SECTION 717-220 FIF attribution surpluses
717-220
Section 717-210 also operates for the purposes of Part
XI
of the
Income Tax Assessment Act 1936
as described in the table:
Graphic
Graphic
|
Transfer of FIF attribution surpluses by section 717-210
|
|
Item
|
Section 717-210 operates in relation to this thing (within the meaning of Part XI of the
Income Tax Assessment Act 1936
):
|
In the same way as it operates in relation to this thing:
|
| 1 |
FIF attribution surplus |
Attribution surplus |
| 2 |
FIF attribution account entity |
Attribution account entity |
| 3 |
FIF attribution account percentage |
Attribution account percentage |
| 4 |
FIF attribution credit |
Attribution credit |
| 5 |
FIF attribution debit |
Attribution debit |
Note:
Section 717-230 may affect the calculation of the FIF attribution surplus for the FIF attribution account entity in relation to the joining company just before the joining time.
S 717-220 inserted by No 90 of 2002, s 3 and Sch 6 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
).
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