Income Tax Assessment Act 1997
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Hide history noteSECTION 715-245 If ownership or control of leaving entity has altered since head company's last alteration time or formation of group 715-245(1)
This section applies if the leaving time would be an * alteration time for the leaving entity if:
(a) the reference time under subsection 165-115L(2) or 165-115M(2) were:
(i) if at least one alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time - the time just after the most recent such alteration time; or
(ii) otherwise - the formation time; and
(b) the additional assumptions in section 715-290 were made.
715-245(2)
The leaving time is an alteration time for the leaving entity.
Note:
One consequence of this is that the reference time for working out the leaving entity's next alteration time is the time just after the leaving time.
715-245(3)
The leaving entity is a loss company at that * alteration time if, and only if, it has an * adjusted unrealised loss at that time. If so, that adjusted unrealised loss is the leaving entity's overall loss at that time.
Note 1:
Subsection (4) affects how the leaving entity works out its adjusted unrealised loss at the leaving time in some cases.
Note 2:
If the leaving entity is a loss company at the leaving time, section 715-255 provides for the consequences.
715-245(4)
If the leaving entity uses the * individual asset method of working out its * adjusted unrealised loss at that * alteration time, then for the purposes of:
(a) step 1 of the method statement in subsection 165-115U(1) ; and
(b) the method statement in subsection 165-115W(1) ;
the leaving entity is taken to have had no earlier alteration time.
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