Income Tax Assessment Act 1997
This section applies if:
(a) at a particular time (the leaving time ), an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group; and
(b) just before the leaving time, the * head company had a * loss denial pool; and
(c) at the leaving time, at least one * CGT asset (a leaving asset ) that was in the pool just before that time becomes a CGT asset of the leaving entity because subsection 701-1(1) (Single entity rule) ceases to apply to the entity. 715-120(2)
Each leaving asset leaves the * loss denial pool at the leaving time. 715-120(3)
(a) the leaving entity is a company and the leaving time is not a * changeover time for the leaving entity; or
(b) the leaving entity is a trust;
For provisions about making one of these choices, see sections 715-175 to 715-185 .
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.