Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Both companies must be in existence during at least part of each of the following income years:
(a) the * loss year; and
(c) any intervening income year.
Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 - 32 and 170 - 33.
(2) Also, both companies must be members of the same * wholly - owned group during the whole or part of those income years when both companies were in existence.
Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 - 32 and 170 - 33.
(3) One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank.
Note: The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936 .
(4) The other company must be covered by an item of this table.
The other company | ||
Item | The other company must: | At this time: |
1 | Be the * head company of a * consolidated group | The end of the * deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation |
2 | Be the * head company of a * MEC group | The end of the * deduction year or, if the group ceases to exist during the deduction year because the company ceases to be in existence, just before the cessation |
3 | Not be a * member of a * consolidatable group | The end of the * deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation |