Income Tax Assessment Act 1997
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Hide history noteSECTION 715-95 If ownership and control of leaving entity have not changed since head company ' s last changeover time 715-95(1)
This section applies if:
(a) the leaving entity is a company; and
(b) the leaving time is not a * changeover time for the leaving entity; and
(c) just before the leaving time, the * head company owned at least one * CGT asset:
(i) that was a * 165-CC tagged asset just before the leaving time; and
(ii) that it owned at the latest changeover time for the head company at or after the group came into existence and before the leaving time; and
(d) at least one asset covered by paragraph (c) is an asset (a leaving asset ) that becomes an asset of the leaving entity at the leaving time because subsection 701-1(1) (Single entity rule) ceases to apply to the entity; and
(e) the head company ' s * final RUNL at the leaving time is greater than nil.
715-95(2)
This section also applies if the leaving entity is a trust.
715-95(3)
If the * head company does not satisfy the *business continuity test for:
(a) the period (the business continuity test period ) starting at the earlier of:
(i) the time 12 months before the leaving time; and
and ending just before the leaving time; and
(ii) when the head company came into existence;
(b) the time (the test time ) just before the * changeover time;
the head company must make one of the choices for which sections 715-100 , 715-105 and 715-110 provide.
Note:
For provisions about making one of these choices, see sections 715-175 to 715-185 .
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