INCOME TAX ASSESSMENT ACT 1997 - SECT 104.520 Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
INCOME TAX ASSESSMENT ACT 1997 - SECT 104.520
Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5(a) an entity ceases to be a * subsidiary member of a * consolidated group or a * MEC group; and
(b) in working out the group's * allocable cost amount for the entity, the amount remaining after applying step 4 of the table in section 711 - 20 is negative.
(2) The time of the event is when the entity ceases to be a * subsidiary member of the group.
(3) For the head company core purposes mentioned in subsection 701 - 1(2), the * head company makes a capital gain equal to the amount remaining .
Note: The amount remaining may be reduced under section 707 -
415.