Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.520

  (1)   CGT event L5 happens if:

  (a)   an entity ceases to be a * subsidiary member of a * consolidated group or a * MEC group; and

  (b)   in working out the group's * allocable cost amount for the entity, the amount remaining after applying step 4 of the table in section   711 - 20 is negative.

  (2)   The time of the event is when the entity ceases to be a * subsidiary member of the group.

  (3)   For the head company core purposes mentioned in subsection   701 - 1(2), the * head company makes a capital gain equal to the amount remaining .

Note:   The amount remaining may be reduced under section   707 - 415.