INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 707 - Losses for head companies when entities become members etc.  

Subdivision 707-D - Special rules about losses  

SECTION 707-400   Head company's business before and after consolidation not compared  

707-400(1)  


If:


(a) the *business continuity test applies to a company that becomes a * head company of a * consolidated group at a time; and


(b) apart from this section, the business continuity test period would start before that time and end after it;

the business continuity test period starts at that time (and ends when it would end apart from this section), for the purposes of that application of the business continuity test.

707-400(2)  
Subsection (1) does not apply for the purposes of working out whether the company can transfer to itself a loss under section 707-120 .


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