Income Tax Assessment Act 1997
You are taken, for the purposes of section 250-205 , to make, for an income year, a gain or loss equal to a part of a gain or loss if:
(a) that part of the gain or loss is allocated to an interval under section 250-245 ; and
(b) that interval falls wholly within that income year. 250-250(2)
(a) a part of a gain or loss is allocated to an interval under section 250-245 ; and
(b) that interval straddles 2 income years;
you are taken, for purposes of section 250-205 , to make a gain or loss equal to so much of that part of the gain or loss as is allocated between those income years on a reasonable basis.250-250(3)
(a) a *consolidated group or *MEC group has a *financial arrangement; and
(b) a subsidiary member of the group ceases to be a member of the group at a particular time (the exit time ); and
(c) immediately after the exit time, the subsidiary member has the financial arrangement;
an income year of the group is taken, for the purposes of applying this section to the group and the financial arrangement, to end at the exit time.
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