Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 716.510

    If:

  (a)   a company ceases to be a * subsidiary member of a * consolidated group; and

  (b)   while the company was a subsidiary member, things happened in relation to an entity which, if section   701 - 1 (the single entity rule) were disregarded:

  (i)   would be * connected with the company; or

  (ii)   would be an * affiliate of the company; or

  (iii)   would have the company as an affiliate; and

  (c)   those things would, if section   701 - 1 were disregarded, have been taken into account in working out the company's * aggregated turnover for the purposes of section   355 - 100 (tax offsets for R&D); and

  (d)   the things are not also things that, because of section   701 - 40 (the exit history rule), are taken into account as things happening in relation to an eligible asset etc. (within the meaning of that section) of the company in working out for the entity core purposes the company's aggregated turnover for the purposes of section   355 - 100;

the things are to be taken into account in working out the company's aggregated turnover for the purposes of section   355 - 100.

Table of sections

716 - 800   Allocating amounts to periods if head company and subsidiary member have different income years

716 - 850   Grossing up threshold amounts for periods of less than 365 days

716 - 855   Working out the cost base or reduced cost base of a pre - CGT asset after certain roll - overs

716 - 860   CGT event straddling joining or leaving time