Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subsection (2) applies in relation to each asset that would be an asset of an entity at the time (the joining time ) it becomes a * subsidiary member of a * consolidated group, assuming that subsection 701 - 1(1) (the single entity rule) did not apply.
(1A) Subsection (2) applies only to the extent necessary for the purposes of subsection 701 - 55(6) to determine whether a provision of this Act is to apply in relation to each of those assets on and after the joining time.
(1B) Subsection (2) applies despite section 701 - 5 (the entry history rule).
(2) Treat the * head company as having acquired each of those assets at the joining time as part of acquiring the business of the joining entity as a going concern.
Certain depreciating assets etc.
(3) Subsection 701 - 55(6) does not apply in relation to an asset if any of the following provisions are to apply in relation to the asset:
(a) Subdivision 40 - F (Primary production depreciating assets);
(b) Subdivision 40 - G (Capital expenditure of primary producers and other landholders);
(c) Subdivision 40 - H (Capital expenditure that is immediately deductible);
(d) Subdivision 40 - I (Capital expenditure that is deductible over time);
(e) Subdivision 40 - J (Capital expenditure for the establishment of trees in carbon sink forests);
(f) Division 41 (Additional deduction for certain new business investment);
(g) Division 43 (Deductions for capital works).