Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 717-245 Attribution surpluses 717-245(1)
This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if:
(a) a company (the leaving company ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and
(b) just before the leaving time there was, for the purposes of that Part, an attribution surplus for an attribution account entity in relation to the * head company of the group; and
(c) at the leaving time the leaving company's attribution account percentage in relation to the attribution account entity for the purposes of that Part is more than nil.
Credit in relation to leaving company
717-245(2)
An attribution credit arises at the leaving time for the attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (4).
Debit in relation to head company
717-245(3)
An attribution debit arises at the leaving time for the attribution account entity in relation to the company that was the * head company of the group just before the leaving time. The debit is the amount worked out under subsection (4).
Amount of credit and debit
717-245(4)
The amount of the credit and debit is worked out using the formula:
| Leaving company's attribution account
percentage in relation to the attribution account entity at the leaving time *Head company's attribution account percentage in relation to the attribution account entity just before the leaving time |
× | Attribution surplus for
the attribution account entity in relation to the *head company just before the leaving time |
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
