Income Tax Assessment Act 1997
Both companies must be in existence during at least part of each of the following income years:
(a) the *loss year; and
(b) the *deduction year; and
(c) any intervening income year.
Also, both companies must be members of the same *wholly-owned group during the whole or part of those income years when both companies were in existence.
One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a *foreign bank.
The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936 .
The other company must be covered by an item of this table.
|The other company|
|Item||The other company must:||At this time:|
|1||Be the *head company of a *consolidated group||The end of the *deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation|
|2||Be the *head company of a *MEC group||The end of the *deduction year or, if the group ceases to exist during the deduction year because the company ceases to be in existence, just before the cessation|
|3||Not be a *member of a *consolidatable group||The end of the *deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation|
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