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-D - Special rules about losses  

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History

Subdiv 707-D 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 ).

SECTION 707-410   Exit history rule does not treat entity as having made a loss  

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707-410(1)    
To avoid doubt, if the ^* head company of a ^* consolidated group makes a loss of a particular ^* sort and an entity ceases to be a ^* subsidiary member of the group, the entity is not taken because of section 701-40 (the exit history rule):

(a) to have made the loss; or

(b) to have made another loss of the same sort because of the circumstances that caused the head company to make the loss.

707-410(2)    
It does not matter whether the ^* head company makes the loss because of a transfer under Subdivision 707-A (whether from the entity or another entity) or because of another provision.

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S 707-410 inserted by No 117 of 2002, s 3 and Sch 6 item 5, 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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