Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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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 707 - Losses for head companies when entities become members etc.  

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History

Div 707 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 ).

Subdivision 707-A - Transfer of losses to head company  

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Subdiv 707-A heading substituted by No 88 of 2013, s 3 and Sch 6 item 28, effective 29 June 2013. The heading formerly read:

Subdivision 707-A - Transfer of previously unutilised losses to head company

Subdiv 707-A 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 ).

Cancelling the transfer of the loss

SECTION 707-145   Cancelling the transfer of the loss  

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707-145(1)    
The ^* head company of the joined group may choose to cancel the transfer of the loss.

707-145(2)    
If the ^* head company of the joined group does so, this Act (except this section) operates for all income years ending after the transfer as if it had not occurred under section 707-120 .

707-145(3)    
The choice cannot be revoked.

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History

S 707-145 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 ).

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