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 entity leaving consolidated group

SECTION 715-80  

715-80   Application of sections 715-85 to 715-110  

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Sections 715-85 to 715-110 apply if, at a particular time (the leaving time ), an entity (the leaving entity ) ceases to be a ^* subsidiary member of a ^* consolidated group.

Note 1:

If a changeover time happened to the head company at or after the group came into existence and before the leaving time, Subdivision 165-CC does not apply to the head company at and after the leaving time, in respect of assets that leave with the leaving entity, in relation to the changeover time.

This is because the head company can no longer make a capital loss, or become entitled to a deduction, in respect of a CGT event happening to any of those assets.

Note 2:

If, just before the leaving time, the head company had a loss denial pool, see section 715-120 .

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History

S 715-80 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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