Income Tax Assessment Act 1997
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Hide history noteSECTION 719-90 New head company treated as substituted for old head company at all times before the transition time 719-90(1)
Everything that happened in relation to the old head company before the transition time is taken to have happened in relation to the new head company instead, just as if the new head company had been the old head company at all times before the transition time.
Note:
This section treats the new head company as having in effect assumed the identity of the old head company throughout the period before the transition time, but without affecting any of the other attributes of the old head company.
719-90(2)
To avoid doubt, subsection (1) also covers everything that, immediately before the transition time, was taken, because of:
(a) section 701-1 (Single entity rule); or
(b) section 701-5 (Entry history rule); or
(c) section 703-75 (about the effects of choice to continue consolidated group after shelf company becomes new head company); or
(ca) section 719-125 (about the effects of a group conversion involving a MEC group); or
(d) one or more previous applications of this section;
to have happened in relation to the old head company.
719-90(3)
Subsections (1) and (2) have effect:
(a) for the head company core purposes in relation to an income year ending after the transition time; and
(b) for the entity core purposes in relation to an income year ending after the transition time.
719-90(4)
Subsections (1) and (2) have effect subject to:
(a) section 701-40 (Exit history rule); and
(b) a provision of this Act to which section 701-40 is subject because of section 701-85 (about exceptions to the core rules in Division 701 ).
Note:
An example of provisions covered by paragraph (b) of this subsection is section 707-410 , which ensures that section 701-40 (Exit history rule) does not result in a leaving entity inheriting a loss of any sort.
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