Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 250.250

Allocating gain or loss to income years

             (1)  You are taken, for the purposes of section 250- 205, to make, for an income year, a gain or loss equal to a part of a gain or loss if:

                     (a)  that part of the gain or loss is allocated to an interval under section 250- 245; and

                     (b)  that interval falls wholly within that income year.

             (2)  If:

                     (a)  a part of a gain or loss is allocated to an interval under section 250- 245; and

                     (b)  that interval straddles 2 income years;

you are taken, for purposes of section 250- 205, to make a gain or loss equal to so much of that part of the gain or loss as is allocated between those income years on a reasonable basis.

             (3)  If:

                     (a)  a * consolidated group or * MEC group has a * financial arrangement; and

                     (b)  a subsidiary member of the group ceases to be a member of the group at a particular time (the exit time ); and

                     (c)  immediately after the exit time, the subsidiary member has the financial arrangement;

an income year of the group is taken, for the purposes of applying this section to the group and the financial arrangement, to end at the exit time.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback