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INCOME TAX ASSESSMENT ACT 1997 - SECT 717.210

Attribution surpluses

             (1)  This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if:

                     (a)  a company (the joining company ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and

                     (b)  just before the joining time there was an attribution surplus for an attribution account entity in relation to the joining company for the purposes of that Part; and

                     (c)  just before the joining time the joining company's attribution account percentage in relation to the attribution account entity for the purposes of that Part was more than nil.

Credit in relation to the head company

             (2)  An attribution credit arises at the joining time for the attribution account entity in relation to the * head company of the group. The credit is equal to the attribution surplus.

Debit in relation to the joining company

             (3)  An attribution debit arises at the joining time for the attribution account entity in relation to the joining company. The debit is equal to the attribution surplus.



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