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-A - Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation  

Effect on Subdivision 165-CC of a company becoming a member of a consolidated group

SECTION 715-25   Subdivision 165-CC stops applying to earlier changeover time  

715-25(1)    
At and after the time (the membership time ) when a company becomes a ^* member of a ^* consolidated group, Subdivision 165-CC does not apply to the company in relation to a ^* changeover time that happened before the membership time, except for the purposes of section 715-30 (which defines 165-CC tagged asset ).

Note 1:

Subdivision 165-CC is about change of ownership or control of a company that has an unrealised net loss.

Note 2:

If the company has 165-CC tagged assets at the membership time, there are further consequences under this Subdivision and Subdivision 715-D .

Also, Subdivision 165-CC can apply to the head company of the group in relation to a changeover time that happens for it at or after the membership time. See section 715-75 .

715-25(2)    
Subsection (1) continues to have effect even if the company later stops being a ^* member of the group.