Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 230.170

  (1)   You are taken, for the purposes of section   230 - 15, to make, for an income year, a gain or loss equal to a part of a gain or loss if:

  (a)   that part of the gain or loss is allocated to an interval under section   230 - 135; and

  (b)   that interval falls wholly within that income year.

  (2)   If:

  (a)   a part of a gain or loss is allocated to an interval under section   230 - 135; and

  (b)   that interval straddles 2 income years;

you are taken, for purposes of section   230 - 15, to make a gain or loss equal to so much of that part of the gain or loss as is allocated between those income years on a reasonable basis.

  (2A)   Subsections   (1) and (2) do not apply to a part of a gain or loss if:

  (a)   subsection   230 - 100(3A) or 230 - 130(4A) applies to the gain or loss; and

  (b)   that part of the gain or loss is allocated to an interval under section   230 - 135; and

  (c)   that interval ends before or during the income year during which the gain or loss becomes sufficiently certain (as mentioned in paragraph   230 - 100(3A)(b) or 230 - 130(4A)(f), whichever is applicable).

Instead, you are taken, for the purposes of section   230 - 15, to make, for that income year, a gain or loss equal to that part of that gain or loss.

  (3)   If:

  (a)   a * head company of a * consolidated group or * MEC group has a * financial arrangement; and

  (b)   a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and

  (c)   immediately after the leaving time, the head company no longer has the arrangement because the subsidiary member ceased to be a member of the group;

an income year of the group is taken, for the purposes of applying this section to the group and the arrangement, to end at the leaving time.