INCOME TAX ASSESSMENT ACT 1997 - SECT 715.230 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 - H

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.230

    If section   715 - 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an interest in, or a debt owed by, a company, sections   165 - 115ZA and 165 - 115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an * alteration time that happened for the company during the ownership period referred to in subsection   715 - 610(2).

Note 1:   Section   715 - 610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.

Note 2:   Sections   165 - 115ZA and 165 - 115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.