Income Tax Assessment Act 1997
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View history notePart 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Div 715 inserted by No 16 of 2003 (see s 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Subdiv 715-F inserted by No 15 of 2009 , s 3 and Sch 1 item 89, effective 26 March 2009. For application and transitional provisions see note under Div 230 heading.
This section applies in relation to an asset or a liability if:
(a) an entity (the joining entity ) becomes a subsidiary member of a consolidated group at a time (the joining time ); and
(b) the asset or liability becomes that of the head company of the group because subsection 701-1(1) (the single entity rule) applies at the joining time; and
(c) in the case of an asset - subsection 701-55(5A) applies in relation to the asset at the joining time; and
(d) in the case of a liability - subsection 715-375(2) applies in relation to the liability at the joining time.
715-378(2)
In the case of an asset, for the purposes of section 230-60 , assume that the * head company of the group acquired the asset at the joining time (as mentioned in subsection 701-55(5A) ) in return for the head company starting to have an obligation to provide the payment mentioned in that subsection.
715-378(3)
In the case of a liability, for the purposes of section 230-60 , assume that the * head company of the group started to have the liability at the joining time (as mentioned in subsection 715-375(2) ) in return for the head company starting to have a right to receive the payment mentioned in that subsection.
S 715-378 inserted by No 99 of 2012, s 3 and Sch 2 item 4, effective 26 March 2009.
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