Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 707.145

    Subsection   707 - 145(3) of the Income Tax Assessment Act 1997 does not apply if:

  (a)   the revocation of the choice mentioned in that subsection takes place before 1   January 2006; and

  (b)   each entity in relation to which the following conditions are satisfied has agreed to the revocation:

  (i)   the entity (the leaving entity ) ceased to be a subsidiary member of the group before the revocation took place;

  (ii)   an asset became that of the leaving entity because section   701 - 1 (the single entity rule) of the Income Tax Assessment Act 1997 ceased to apply when the leaving entity ceased to be a subsidiary member;

  (iii)   the asset had become that of the head company because that section applied when the joining entity to which Subdivision   707 - A of that Act applies (whether or not the same entity as the leaving entity) became a subsidiary member.

Table of sections

707 - 325   Increasing the available fraction for a bundle of losses by increasing the real loss - maker's modified market value

707 - 326   Events involving only value donor and real loss - maker not covered by rule against inflation of modified market value

707 - 327   Choosing available fraction to apply to value donor's loss

707 - 328   Income year and conditions for possible transfer under Division   170 of the Income Tax Assessment Act 1997

707 - 328A   Some events involving only group members not covered by rule against inflation of modified market value

707 - 329   Modified market value at a time before 8   December 2004

707 - 350   Alternative loss utilisation regime to Subdivision   707 - C of the Income Tax Assessment Act 1997

707 - 355   Ignore certain losses in working out when a choice can be made under this Subdivision