Income Tax Assessment Act 1997
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View history notePt 3-1 inserted by No 46 of 1998.
Div 104 inserted by No 46 of 1998.
Subdiv 104-L (heading) substituted by No 107 of 2003.
Subdiv 104-L inserted by No 117 of 2002.
CGT event L2 happens if:
(a) an entity becomes a *subsidiary member of a *consolidated group or a *MEC group; and
(b) in working out the group ' s *allocable cost amount for the entity, the amount remaining after applying step 3A of the table in section 705-60 is negative.
S 104-505(1) amended by No 56 of 2010, s 3 and Sch 5 item 39, by omitting " (after any application of section 705-150 ) " after " the table in section 705-60 " in para (b), applicable on and after 1 July 2002.
S 104-505(1) amended by No 107 of 2003.
104-505(2)
The time of the event is just after the entity becomes a *subsidiary member of the group.
104-505(3)
For the head company core purposes mentioned in subsection 701-1(2) , the *head company makes a capital gain equal to the amount remaining.
S 104-505 inserted by No 16 of 2003.
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