Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 715 - Interactions between this Part and other areas of the income tax law  

Subdivision 715-B - How Subdivision 165-CD applies to consolidated groups and leaving entities  

How Subdivision 165-CD applies to leaving entity that is a company

SECTION 715-260   If neither of sections 715-245 and 715-250 applies  

715-260(1)  
This section applies if:


(a) no * alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time; and


(b) the leaving time is not an * alteration time for the leaving entity under subsection 715-245(2) .

715-260(2)  
The leaving entity's first * alteration time after the leaving time is determined:


(a) on the basis that the reference time under subsection 165-115L(2) or 165-115M(2) is the time just after the formation time; and


(b) making the additional assumptions in section 715-290 .

715-260(3)  
If the leaving entity uses the * individual asset method of working out its * adjusted unrealised loss at that first * alteration time, then for the purposes of:


(a) step 1 of the method statement in subsection 165-115U(1) ; and


(b) the method statement in subsection 165-115W(1) ;

the leaving entity is taken to have had no earlier alteration time.


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