Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.230

No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H

                   If section 715- 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an interest in, or a debt owed by, a company, sections 165-115ZA and 165-115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an * alteration time that happened for the company during the ownership period referred to in subsection 715-610(2).

Note 1:       Section 715- 610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.

Note 2:       Sections 165-115ZA and 165-115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.

How Subdivision 165-CD applies to leaving entity that is a company



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