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 ).

Effect on Subdivision 165-CC of a company becoming a member of a consolidated group

SECTION 715-25   Subdivision 165-CC stops applying to earlier changeover time  

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715-25(1)    
At and after the time (the membership time ) when a company becomes a ^* member of a ^* consolidated group, Subdivision 165-CC does not apply to the company in relation to a ^* changeover time that happened before the membership time, except for the purposes of section 715-30 (which defines 165-CC tagged asset ).

Note 1:

Subdivision 165-CC is about change of ownership or control of a company that has an unrealised net loss.

Note 2:

If the company has 165-CC tagged assets at the membership time, there are further consequences under this Subdivision and Subdivision 715-D .

Also, Subdivision 165-CC can apply to the head company of the group in relation to a changeover time that happens for it at or after the membership time. See section 715-75 .

715-25(2)    
Subsection (1) continues to have effect even if the company later stops being a ^* member of the group.

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History

S 715-25 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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