Income Tax Assessment Act 1997
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View history notePart 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 ).
Div 715 inserted by No 16 of 2003 (see s 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Subdiv 715-F inserted by No 15 of 2009 , s 3 and Sch 1 item 89, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.
Subsection (2) applies if:
(a) an entity (the leaving entity ) ceases to be a *subsidiary member of a *consolidated group at a time (the leaving time ); and
(b) the *head company of the group has a *Division 230 financial arrangement at the leaving time because the leaving entity is taken by subsection 701-1(1) (the single entity rule) to be a part of the head company; and
(c) after the leaving time, the leaving entity makes an election of a kind mentioned in section 230-220 (fair value method), 230-265 (foreign exchange retranslation method), 230-325 (hedging method) or 230-410 (reliance on financial reports method).
715-385(2)
For the purposes of determining whether the election applies to the financial arrangement, disregard paragraphs 230-220(1)(d) , 230-265(1)(d) , 230-325(a) and 230-410(1)(b).
S 715-385 inserted by No 15 of 2009 , s 3 and Sch 1 item 89, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.
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