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-A - Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation  

How Subdivision 165-CC applies to consolidated groups

SECTION 715-75   Extension of single entity rule and entry history rule  

715-75(1)  
Subsection 701-1(1) (Single entity rule) and section 701-5 (Entry history rule) also have effect for all the purposes of Subdivision 165-CC (about change of ownership or control of a company that has an unrealised net loss).

Note:

One consequence of this is that the head company is the only member of a consolidated group that can have a changeover time and be subject to consequences under Subdivision 165-CC . The head company is treated as owning all CGT assets owned by group members, and as making relevant losses.

715-75(2)  
This section is not intended to limit the effect that subsection 701-1(1) and section 701-5 have apart from this section.


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