Income Tax Assessment Act 1997
View history note
Hide history noteThis section applies if:
(a) an entity (the joining entity ) becomes a subsidiary member of a *consolidated group at a particular time (the joining time ); and
(b) disregarding the operation of subsection 701-1(1) (the single entity rule), the joining entity held a *CGT asset at the joining time; and
(c) taking into account the operation of subsection 701-1(1) (the single entity rule), the *head company of the group held the CGT asset at the joining time; and
(d) a *CGT event happened in relation to the asset at a time before the joining time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the joining time.
716-860(2)
This section also applies if:
(a) an entity (the leaving entity ) ceases to be a *subsidiary member of a *consolidated group at a particular time (the leaving time ); and
(b) taking into account the operation of subsection 701-1(1) (the single entity rule), the *head company of the group held a *CGT asset at the leaving time; and
(c) disregarding the operation of subsection 701-1(1) (the single entity rule), the leaving entity held the CGT asset at the leaving time; and
(d) a *CGT event happened in relation to the asset at a time before the leaving time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the leaving time.
716-860(3)
For the purposes of this Act, treat the *CGT event as happening at the time when the circumstances that gave rise to the CGT event first existed.
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