Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 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 ).

Division 719 - MEC groups  

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History

Div 719 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 ).

Subdivision 719-F - Losses  

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History

Subdiv 719-F inserted by No 117 of 2002, s 3 and Sch 8 item 8, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Maintaining the same ownership to be able to utilise loss

SECTION 719-255   Special rules  

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719-255(1)    
This section and section 719-260 have effect for the purposes of working out whether a loss can be ^* utilised for an income year (the claim year ) by a company (the focal company ) that made the loss if:

(a) section 165-12 is relevant to the question whether the focal company can utilise the loss; and

(b) the focal company is the ^* head company of a ^* MEC group at any time in its ^* ownership test period for the loss (as affected by section 707-205 , if relevant).

Note:

If the focal company made the loss because of a transfer under Subdivision 707-A , section 707-205 has the effect that the ownership test period starts for the focal company at the time of the transfer.

Section 707-210 does not have effect

719-255(2)    
Section 707-210 does not have effect for the purposes of working out whether the focal company can ^* utilise the loss for the claim year.

Note:

Section 707-210 is about whether a company can utilise a loss it made because the loss was transferred to it under Subdivision 707-A because the transferor met the conditions in section 165-12 .

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History

S 719-255 inserted by No 16 of 2003, s 3 and Sch 13 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

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