Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.95

  (1)   This section applies if:

  (a)   the leaving entity is a company; and

  (b)   the leaving time is not a * changeover time for the leaving entity; and

  (c)   just before the leaving time, the * head company owned at least one * CGT asset:

  (i)   that was a * 165 - CC tagged asset just before the leaving time; and

  (ii)   that it owned at the latest changeover time for the head company at or after the group came into existence and before the leaving time; and

  (d)   at least one asset covered by paragraph   (c) is an asset (a leaving asset ) that becomes an asset of the leaving entity at the leaving time because subsection   701 - 1(1) (Single entity rule) ceases to apply to the entity; and

  (e)   the head company's * final RUNL at the leaving time is greater than nil.

  (2)   This section also applies if the leaving entity is a trust.

  (3)   If the * head company does not satisfy the * business continuity test for:

  (a)   the period (the business continuity test period ) starting at the earlier of:

  (i)   the time 12 months before the leaving time; and

  (ii)   when the head company came into existence;

    and ending just before the leaving time; and

  (b)   the time (the test time ) just before the * changeover time;

the head company must make one of the choices for which sections   715 - 100, 715 - 105 and 715 - 110 provide.

Note:   For provisions about making one of these choices, see sections   715 - 175 to 715 - 185.