Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 716 - Miscellaneous special rules  

Subdivision 716-Z - Other  

SECTION 716-800   Allocating amounts to periods if head company and subsidiary member have different income years  

716-800(1)  
The principles in this section apply if:

(a) an entity becomes, or stops being, a ^* subsidiary member of a ^* consolidated group; and

(b) the entity has an income year that starts and ends at a different time from when the income year of the ^* head company of the group starts and ends.

716-800(2)  
Items are to be allocated to, or apportioned among, periods (whether consisting of all or part of an income year of the entity or ^* head company):

(a) in the most appropriate way having regard to the objects of this Part, and of particular provisions of this Part; and

(b) in particular, so as to ensure that what is in substance the same item is recognised only once for what is in substance the same purpose.