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INCOME TAX ASSESSMENT ACT 1997 - SECT 707.330

Losses transferred from former head company

             (1)  This section has effect for working out the * available fraction for a * bundle of losses if:

                     (a)  an entity (the ex-head company ) becomes a * subsidiary member of a * consolidated group (the bigger group ) at a time (the joining time ); and

                     (b)  just before the joining time the ex-head company was the * head company of another consolidated group (the old group ); and

                     (c)  at the joining time the losses are transferred under Subdivision 707-A from the ex-head company to the head company of the bigger group.

             (2)  Work out the ex-head company's * modified market value or * market value as if each * member of the bigger group that had been a * subsidiary member of the old group just before the joining time were a part of the ex-head company, and not a separate member of the bigger group, when the transfer occurred.

             (3)  Also, work out the ex-head company's * modified market value as if each * subsidiary member of the old group had been a part of the ex-head company while it was a subsidiary member of the old group.



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