Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 705 - Tax cost setting amount for assets where entities become subsidiary members of consolidated groups  

Subdivision 705-A - Basic case: a single entity joining an existing consolidated group  

Application and object

SECTION 705-15   705-15   Cases where this Subdivision does not have effect  

This Subdivision does not have effect if any of the following exceptions applies:

(a) the first exception is where the joining entity becomes a ^* member of the joined group because it is a member of that group at the time it comes into existence as a ^* consolidated group;

Note:

See Subdivision 705-B for rules about the treatment of assets if entities become members in circumstances covered by this exception.

(b) the second exception is where all of the members of another consolidated group become members of the joined group as a result of the ^* acquisition of ^* membership interests in the ^* head company of the joining group;

Note:

See Subdivision 705-C for rules about the treatment of assets if entities become members in circumstances covered by this exception.

(c) the third exception is where:

(i) the joining entity and one or more other entities become members of the joined group at the same time as a result of an event that happens in relation to one of them; and

(ii) the case is not covered by the second exception;

Note:

See Subdivision 705-D for rules about the treatment of assets if entities become members in circumstances covered by this exception.

(d) (Repealed by No 16 of 2003)