Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.260

  (1)   This section applies if:

  (a)   no * alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time; and

  (b)   the leaving time is not an * alteration time for the leaving entity under subsection   715 - 245(2).

  (2)   The leaving entity's first * alteration time after the leaving time is determined:

  (a)   on the basis that the reference time under subsection   165 - 115L(2) or 165 - 115M(2) is the time just after the formation time; and

  (b)   making the additional assumptions in section   715 - 290.

  (3)   If the leaving entity uses the * individual asset method of working out its * adjusted unrealised loss at that first * alteration time, then for the purposes of:

  (a)   step 1 of the method statement in subsection   165 - 115U(1); and

  (b)   the method statement in subsection   165 - 115W(1);

the leaving entity is taken to have had no earlier alteration time.