Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 701 - Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002-03 and 2003-04 financial years  

Subdivision 701-B - Modified application of provisions  

SECTION 701-25  

701-25   No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities  

If any provision of the Income Tax Assessment Act 1997 would, because of events that happened before the time the transitional group came into existence, apply to a CGT event that happens after that time to change the cost base or reduced cost base of the members ' membership interests in a chosen transitional entity, the provision does not so apply.

Note:

For example, such a provision could otherwise apply where a loss transfer or value shift involving the entity has occurred.