Income Tax Assessment Act 1997
View history note
Hide history noteSubsection (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).
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