Income Tax Assessment Act 1997
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Hide history noteSECTION 715-670 Ongoing effect of choices made by entities before joining group 715-670(1)
This section has effect if the question whether the * head company of a * consolidated group has made a choice (however described) under a provision listed in the table is relevant for the head company core purposes set out in section 701-1 (Single entity rule) because of something happening in relation to a thing:
(a) that is an asset, right, liability or obligation of the head company; and
(b) that the head company started to have, at the time (the joining time ) an entity (the joining entity ) became a * subsidiary member of the group, because of that section and the fact that (ignoring that section) the entity had the thing at the joining time.
| List | ||
| Item | Provision | Subject of provision |
| 1 | Section 775-150 | Choice to apply rules about disregarding certain *forex realisation gains and *forex realisation losses |
715-670(2)
The * head company is taken to have made such a choice if the joining entity had one in effect before the joining time.
715-670(3)
The * head company is taken not to have made the choice if the joining entity did not have one in effect before the joining time.
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