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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.250

What this Subdivision is about

This Subdivision modifies the rules about transferring and utilising losses so the rules operate appropriately in relation to MEC groups, taking account of the special characteristics of those groups. The modifications mainly affect:

               (a)     rules about maintaining the same ownership to be able to utilise a loss; and

              (b)     rules for working out how much of a loss can be utilised by reference to bundles of losses and their available fractions.

Table of sections

Maintaining the same ownership to be able to utilise loss

719-255    Special rules

719-260    Special test for utilising a loss because a company maintains the same owners

719-265    What is the test company?

719-270    Assumptions about the test company having made the loss for an income year

719-275    Assumptions about nothing happening to affect direct and indirect ownership of the test company

719-280    Assumptions about the test company failing to meet the conditions in section 165- 12

Business continuity test and change of head company

719-285    Business continuity test and change of head company

Bundles of losses and their available fractions

719-300    Application

719-305    Subdivision 707-C affects utilisation of losses made by ongoing head company while it was head company

719-310    Adjustment of available fractions for bundles of losses previously transferred to ongoing head company

719-315    Further adjustment of available fractions for all bundles

719-320    Limit on utilising losses other than the prior group losses

719-325    Cancellation of all losses in a bundle

Maintaining the same ownership to be able to utilise loss



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