Income Tax Assessment Act 1997
The third choice can be made only if every asset covered by paragraph 715-95(1)(c) is a leaving asset. The choice is to have a loss denial pool of the leaving entity created at the leaving time, consisting of every leaving asset. (To avoid doubt, the choice can be made even if the leaving entity is not a company.) 715-110(2)
A choice under this section has effect accordingly. The pool is distinct from any other loss denial pool of the leaving entity. 715-110(3)
When the pool is created, its loss denial balance is equal to the * head company ' s * final RUNL at the leaving time.
If the head company makes this choice, the leaving entity can choose to cancel the loss denial pool by reducing reduced cost bases of assets in the pool: see section 715-185 .
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