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 715 - Interactions between this Part and other areas of the income tax law  

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History

Div 715 inserted by No 16 of 2003 (see s 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdivision 715-A - Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation  

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Subdiv 715-A inserted by No 16 of 2003, s 3 and Sch 7 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 ).

Effect of assets in loss denial pool of head company becoming assets of leaving entity

SECTION 715-125  

715-125   First choice: adjustable values of leaving assets reduced to nil  

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The first choice is to reduce the ^* adjustable value of each leaving asset to nil. The choice has effect accordingly, just before the leaving time. The ^* loss denial balance of the ^* head company's ^* loss denial pool is not reduced because of it.

Note:

The consequences of the choice are worked out under section 715-145 .

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History

S 715-125 inserted by No 16 of 2003, s 3 and Sch 7 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 ).

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