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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.75

Extension of single entity rule and entry history rule

  (1)   Subsection   701 - 1(1) (Single entity rule) and section   701 - 5 (Entry history rule) also have effect for all the purposes of Subdivision   165 - CC (about change of ownership or control of a company that has an unrealised net loss).

Note:   One consequence of this is that the head company is the only member of a consolidated group that can have a changeover time and be subject to consequences under Subdivision   165 - CC. The head company is treated as owning all CGT assets owned by group members, and as making relevant losses.

  (2)   This section is not intended to limit the effect that subsection   701 - 1(1) and section   701 - 5 have apart from this section.


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