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Where entities become subsidiary members of a consolidated group and where members leave a group subdivisions 715-J and 715-K of the ITAA 1997 deal with elections made in relation to Part X (the CFC measures) of the ITAA 1936.
Subdivision 715-J ensures that the entry history rule does not adversely affect the head company's ability to make elections in relation to its interests in CFCs. Similarly, subdivision 715-K ensures the exit history rule does not adversely affect the leaving entity's ability to make elections in relation to its interests in CFCs that it takes with it on exit.
Last modified: 02 Jul 2007QC 19443