Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 705.15

    This Subdivision does not have effect if any of the following exceptions applies:

  (a)   the first exception is where the joining entity becomes a * member of the joined group because it is a member of that group at the time it comes into existence as a * consolidated group;

Note:   See Subdivision   705 - B for rules about the treatment of assets if entities become members in circumstances covered by this exception.

  (b)   the second exception is where all of the members of another consolidated group become members of the joined group as a result of the * acquisition of * membership interests in the * head company of the joining group;

Note:   See Subdivision   705 - C for rules about the treatment of assets if entities become members in circumstances covered by this exception.

  (c)   the third exception is where:

  (i)   the joining entity and one or more other entities become members of the joined group at the same time as a result of an event that happens in relation to one of them; and

  (ii)   the case is not covered by the second exception;

Note:   See Subdivision   705 - D for rules about the treatment of assets if entities become members in circumstances covered by this exception.