Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.510

  (1)   CGT event L3 happens if:

  (a)   an entity becomes a * subsidiary member of a * consolidated group or a * MEC group; and

  (b)   the sum of the * tax cost setting amounts for all * retained cost base assets that are taken into account under paragraph   705 - 35(1)(b) in working out the tax cost setting amount of each reset cost base asset of the entity exceeds the group's * allocable cost amount for the entity.

  (2)   The time of the event is just after the entity becomes a * subsidiary member of the group.

  (3)   For the head company core purposes mentioned in subsection   701 - 1(2), the * head company makes a capital gain equal to the excess .