INCOME TAX ASSESSMENT ACT 1997 - SECT 715.450 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 - H

INCOME TAX ASSESSMENT ACT 1997 - SECT 715.450

    If section   715 - 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an * equity or loan interest in an entity:

  (a)   the loss is not subject to reduction under Division   723 (Direct value shifting by creating right over non - depreciating asset) or 727 (Indirect value shifting); and

  (b)   the interest's * adjustable value is not, and is taken never to have been, reduced under Division   725 because of a * direct value shift during the ownership period referred to in subsection   715 - 610(2); and

  (c)   the interest's * adjustable value is not, and is taken never to have been, reduced under Division   727 because of an * indirect value shift during that period.

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

Table of sections

715 - 610   Cancellation of loss

715 - 615   Exception for interests in entity leaving consolidated group

715 - 620   Exception if loss attributable to certain matters