Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 3   Pre-CGT proportions

Income Tax Assessment Act 1997

26   Subsection 711-65(1)

Repeal the subsection, substitute:

When this section applies

(1) This section applies unless:

(a) Subdivision 705-C (about one group joining another consolidated group) applies in relation to the old group; and

(b) the leaving entity is a *subsidiary member of the old group.

(1A) To avoid doubt, this section applies regardless of whether the leaving entity ceases to be a *subsidiary member of the old group at the leaving time because another entity also ceases to be a subsidiary member of the old group at the leaving time.