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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History

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 ).

General provisions about loss denial pools

SECTION 715-165   When pool ceases to exist  

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715-165(1)    
A ^* loss denial pool of a company ceases to exist when there is a ^* changeover time for the company.

Note:

The CGT assets in the pool then become subject to the application of Subdivision 165-CC (about change of ownership or control of a company that has an unrealised net loss).

715-165(2)    
A ^* loss denial pool of any entity ceases to exist:

(a) when there are no ^* CGT assets, and no ^* 170-D deferred losses, in the pool; or

(b) just after the ^* loss denial balance becomes nil; or

(c) when the entity becomes a ^* subsidiary member of a ^* consolidated group; or

(d) as mentioned in subsection 715-135(4) .

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History

S 715-165 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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