Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 716.800

Allocating amounts to periods if head company and subsidiary member have different income years

  (1)   The principles in this section apply if:

  (a)   an entity becomes, or stops being, a * subsidiary member of a * consolidated group; and

  (b)   the entity has an income year that starts and ends at a different time from when the income year of the * head company of the group starts and ends.

  (2)   Items are to be allocated to, or apportioned among, periods (whether consisting of all or part of an income year of the entity or * head company):

  (a)   in the most appropriate way having regard to the objects of this Part, and of particular provisions of this Part; and

  (b)   in particular, so as to ensure that what is in substance the same item is recognised only once for what is in substance the same purpose.


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