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-G - How value shifting rules apply to a consolidated group  

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History

Subdiv 715-G 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 ).

SECTION 715-450  

715-450   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 ^* equity or loan interest in an entity:

(a) the loss is not subject to reduction under Division 723 (Direct value shifting by creating right over non-depreciating asset) or 727 (Indirect value shifting); and

(b) the interest ' s ^* adjustable value is not, and is taken never to have been, reduced under Division 725 because of a ^* direct value shift during the ownership period referred to in subsection 715-610(2) ; and

(c) the interest ' s ^* adjustable value is not, and is taken never to have been, reduced under Division 727 because of an ^* indirect value shift during that period.

Note:

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

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History

S 715-450 amended by No 56 of 2010, s 3 and Sch 5 item 150A, by substituting " certain kinds of interests in a member " for " a direct or indirect interest in a subsidiary member " in the note, applicable on and after 1 July 2002.

S 715-450 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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