Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

S 73BAE repealed by No 93 of 2011, s 3 and Sch 3 item 44, effective 8 September 2011. For application, savings and transitional provisions see note under s 82KZLB . S 73BAE formerly read:

SECTION 73BAE RECOUPMENT WHERE ENTITY LEAVES GROUP  
73BAE(1)
All or part of an amount that would, apart from this subsection, be allowable as a deduction to the head company of a consolidated group or MEC group under section 73B or 73BA for a year of income is not allowable as such a deduction if:

(a) the expenditure that would have given rise to the deduction was incurred by another company that was a subsidiary member of the group; and

(b) the other company ceased, during or after that year of income, to be a subsidiary member of the group; and

(c) the other company would have been denied a deduction for all or that part of the amount for that year of income because it received a recoupment or grant to which section 73C would apply if the other company had never been a subsidiary member of the group.

73BAE(2)
The other company must, within 60 days after the end of the financial year in which it received or became entitled to receive the recoupment or grant, give the head company details in the approved form of the part of the initial clawback amount for the recoupment or grant (see section 73C ) to be applied by the head company in determining the reduction in the amount referred to in subsection (1).

S 73BAE inserted by No 117 of 2002.