Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect if the question whether the * head company of a * consolidated group has made a choice (however described) under a provision listed in the table is relevant for the head company core purposes set out in section 701 - 1 (Single entity rule) because of something happening in relation to a thing:
(a) that is an asset, right, liability or obligation of the head company; and
(b) that the head company started to have, at the time (the joining time ) an entity (the joining entity ) became a * subsidiary member of the group, because of that section and the fact that (ignoring that section) the entity had the thing at the joining time.
List | ||
Item | Provision | Subject of provision |
1 | Section 775 - 150 | Choice to apply rules about disregarding certain * forex realisation gains and * forex realisation losses |
(2) The * head company is taken to have made such a choice if the joining entity had one in effect before the joining time.
(3) The * head company is taken not to have made the choice if the joining entity did not have one in effect before the joining time.