Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 707.115

    This Subdivision applies to a loss of any * sort if:

  (a)   an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and

  (b)   the loss was made by the joining entity for an income year ending before the joining time.

Note 1:   If the joining entity had a loss transferred to it by a previous operation of this Subdivision (when the entity was the head company of a consolidated group), this Subdivision operates later as if the joining entity had made the loss. See section   707 - 140.

Note 2:   Section   707 - 405   may affect the income year for which the joining entity is treated as having made the loss, if the joining entity made the loss and the loss is referable to part of an income year.