Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf section 715 - 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an * equity or loan interest in an entity:
(a) the loss is not subject to reduction under Division 723 (Direct value shifting by creating right over non - depreciating asset) or 727 (Indirect value shifting); and
(b) the interest's * adjustable value is not, and is taken never to have been, reduced under Division 725 because of a * direct value shift during the ownership period referred to in subsection 715 - 610(2); and
(c) the interest's * adjustable value is not, and is taken never to have been, reduced under Division 727 because of an * indirect value shift during that period.
Note: Section 715 - 610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.
Table of sections
715 - 610 Cancellation of loss
715 - 615 Exception for interests in entity leaving consolidated group
715 - 620 Exception if loss attributable to certain matters