Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect for the purposes of working out how much of the losses, other than prior group losses, in a * bundle the ongoing head company can * utilise for the income year in which the application event happens.
(2) For the purposes of subsection 707 - 310(3), the prior group losses are to be treated as if they had not been transferred under Subdivision 707 - A, to the extent to which the ongoing head company can * utilise them for the income year because they are treated as being included in a * bundle whose available fraction was 1 from the start of the income year until the time of the application event.
(3) This section is a matter that is relevant for the purposes of paragraph 707 - 335(3)(f), if section 707 - 335 applies to the ongoing head company's * utilisation of the losses in the * bundle for the income year.
Note: That section applies to a company's utilisation for an income year of losses in a bundle if the losses are transferred under Subdivision 707 - A after the start of the year or if the value of the available fraction for the bundle changes during the year while the company is treated as having made the losses because of that Subdivision.
(4) Section 719 - 305 has effect subject to this section.