INCOME TAX ASSESSMENT ACT 1997 - SECT 707.110 Objects of this Subdivision

INCOME TAX ASSESSMENT ACT 1997 - SECT 707.110

    The main objects of this Subdivision are:

  (a)   to provide for the transfer of a loss from an entity (the joining entity ) becoming a * member of a * consolidated group to the * head company of the group (so the head company may be able to * utilise it), if the joining entity could have utilised the loss if it had not become a member of the group; and

  (b)   to prevent the utilisation by any entity of a loss made by the joining entity, if the joining entity could not have utilised the loss if it had not become a member of the group.