Income Tax Assessment Act 1997

No FDA surplus for joining company  
717-510(1)
This section operates for the purposes of Subdivision B of Division 11A of Part III of the Income Tax Assessment Act 1936 if a company (the joining company ) becomes a ^* subsidiary member of a ^* consolidated group at a time (the joining time ) just after another time (the balance time ).

717-510(2)
If the joining company has an ^* FDA surplus at the balance time:

(a) an ^* FDA debit equal to the FDA surplus arises for the joining company at the balance time; and

(b) an ^* FDA credit equal to the FDA surplus arises for the ^* head company of the group at the joining time.

717-510(3)
If the joining company ' s total ^* FDA debits arising before the balance time exceed its total ^* FDA credits arising before the balance time:

(a) an FDA credit equal to the excess arises for the joining company at the balance time; and

(b) an FDA debit equal to the excess arises for the ^* head company of the group at the joining time.

717-510(4)
(Repealed by No 96 of 2004)

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History

S 717-510 inserted by No 16 of 2003, s 3 and Sch 9 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 ).