Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.250

  (1)   You are taken, for the purposes of section   250 - 205, 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   250 - 245; 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   250 - 245; and

  (b)   that interval straddles 2 income years;

you are taken, for purposes of section   250 - 205, 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.

  (3)   If:

  (a)   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 exit time ); and

  (c)   immediately after the exit time, the subsidiary member has the financial arrangement;

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