Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 705 - Tax cost setting amount for assets where entities become subsidiary members of consolidated groups  

Subdivision 705-A - Basic case: a single entity joining an existing consolidated group  

How to work out the allocable cost amount

SECTION 705-110   If joining entity transfers a loss to the head company - step 6 in working out allocable cost amount  

705-110(1)  


For the purposes of step 6 in the table in section 705-60 , the step 6 amount is worked out by multiplying the sum of the losses mentioned in subsection (2) by the * corporate tax rate.

705-110(2)  
The losses are the joining entity's losses of any * sort that:


(a) were not * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and


(b) did not accrue to the joined group before the joining time (see subsection 705-90(8) ); and


(c) are transferred to the * head company under Subdivision 707-A ; and


(d) are not cancelled under section 707-145 .


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.