INCOME TAX ASSESSMENT ACT 1997 - SECT 715.25 Subdivision 165 - CC stops applying to earlier changeover time

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.25

  (1)   At and after the time (the membership time ) when a company becomes a * member of a * consolidated group, Subdivision   165 - CC does not apply to the company in relation to a * changeover time that happened before the membership time, except for the purposes of section   715 - 30 (which defines 165 - CC tagged asset ).

Note 1:   Subdivision   165 - CC is about change of ownership or control of a company that has an unrealised net loss.

Note 2:   If the company has 165 - CC tagged assets at the membership time, there are further consequences under this Subdivision and Subdivision   715 - D.

  Also, Subdivision   165 - CC can apply to the head company of the group in relation to a changeover time that happens for it at or after the membership time. See section   715 - 75.

  (2)   Subsection   (1) continues to have effect even if the company later stops being a * member of the group.