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-J - Entry history rule and choices  

Choices with ongoing effect

SECTION 715-670   Ongoing effect of choices made by entities before joining group  

715-670(1)  
This section has effect if the question whether the * head company of a * consolidated group has made a choice (however described) under a provision listed in the table is relevant for the head company core purposes set out in section 701-1 (Single entity rule) because of something happening in relation to a thing:


(a) that is an asset, right, liability or obligation of the head company; and


(b) that the head company started to have, at the time (the joining time ) an entity (the joining entity ) became a * subsidiary member of the group, because of that section and the fact that (ignoring that section) the entity had the thing at the joining time.


List
Item Provision Subject of provision
1 Section 775-150 Choice to apply rules about disregarding certain *forex realisation gains and *forex realisation losses

715-670(2)  
The * head company is taken to have made such a choice if the joining entity had one in effect before the joining time.

715-670(3)  
The * head company is taken not to have made the choice if the joining entity did not have one in effect before the joining time.


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