Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Subdivision modifies the rules about transferring and utilising losses so the rules operate appropriately in relation to MEC groups, taking account of the special characteristics of those groups. The modifications mainly affect:
(a) rules about maintaining the same ownership to be able to utilise a loss; and
(b) rules for working out how much of a loss can be utilised by reference to bundles of losses and their available fractions.
Table of sections
Maintaining the same ownership to be able to utilise loss
719 - 255 Special rules
719 - 260 Special test for utilising a loss because a company maintains the same owners
719 - 265 What is the test company?
719 - 270 Assumptions about the test company having made the loss for an income year
719 - 275 Assumptions about nothing happening to affect direct and indirect ownership of the test company
719 - 280 Assumptions about the test company failing to meet the conditions in section 165 - 12
Business continuity test and change of head company
719 - 285 Business continuity test and change of head company
Bundles of losses and their available fractions
719 - 300 Application
719 - 305 Subdivision 707 - C affects utilisation of losses made by ongoing head company while it was head company
719 - 310 Adjustment of available fractions for bundles of losses previously transferred to ongoing head company
719 - 315 Further adjustment of available fractions for all bundles
719 - 320 Limit on utilising losses other than the prior group losses
719 - 325 Cancellation of all losses in a bundle