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-B - How Subdivision 165-CD applies to consolidated groups and leaving entities  

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History

Subdiv 715-B 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 ).

How Subdivision 165-CD applies to consolidated groups

SECTION 715-230  

715-230   No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H  

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If section 715-610 reduces a loss that would otherwise be ^* realised for income tax purposes by a ^* realisation event that happens to an interest in, or a debt owed by, a company, sections 165-115ZA and 165-115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an ^* alteration time that happened for the company during the ownership period referred to in subsection 715-610(2) .

Note 1:

Section 715-610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.

Note 2:

Sections 165-115ZA and 165-115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.

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History

S 715-230 amended by No 56 of 2010, s 3 and Sch 5 item 146A, by substituting " certain kinds of interests in a member " for " a direct or indirect interest in a subsidiary member " in note 1, applicable on and after 1 July 2002.

S 715-230 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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