| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1012761725300
Ruling
Subject: Subsidiary members leaving a tax consolidated group
In order to protect the privacy and commercial in-confidence components of this private binding ruling the following summary is provided.
The taxpayer is the head company of a tax consolidated group. The taxpayer sought a ruling on the tax consequences of subsidiary members leaving the tax consolidated group.
The Commissioner ruled:
• on the application of the single entity rule in section 701-1 of the Income Tax Assessment Act 1997 (ITAA 1997);
• on the exit ACA calculation in accordance with section 711-20 of the ITAA 1997;
• on CGT events in accordance with Division 104 of the ITAA 1997;
• that Part IVA of the ITAA 1936 will not apply to the arrangement; and
• other matters.