Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThe object of this Division is to allow an entity that is a potential subsidiary member of a consolidated group to utilise an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ) during a transitional period, rather than have the head company utilise the loss subject to the restrictions in Subdivision 707-C of the Income Tax Assessment Act 1997 .
701D-1(2)
Therefore, this Division allows the head company to prevent the entity from being a subsidiary member of the group, for a transitional period.
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