INCOME TAX ASSESSMENT ACT 1997 - SECT 716.860 CGT event straddling joining or leaving time
INCOME TAX ASSESSMENT ACT 1997 - SECT 716.860
CGT event straddling joining or leaving time(a) an entity (the joining entity ) becomes a subsidiary member of a * consolidated group at a particular time (the joining time ); and
(b) disregarding the operation of subsection 701 - 1(1) (the single entity rule), the joining entity held a * CGT asset at the joining time; and
(c) taking into account the operation of subsection 701 - 1(1) (the single entity rule), the * head company of the group held the CGT asset at the joining time; and
(d) a * CGT event happened in relation to the asset at a time before the joining time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the joining time.
(2) This section also applies if:
(a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a particular time (the leaving time ); and
(b) taking into account the operation of subsection 701 - 1(1) (the single entity rule), the * head company of the group held a * CGT asset at the leaving time; and
(c) disregarding the operation of subsection 701 - 1(1) (the single entity rule), the leaving entity held the CGT asset at the leaving time; and
(d) a * CGT event happened in relation to the asset at a time before the leaving time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the leaving time.
(3) For the purposes of this Act, treat the * CGT event as happening at the time when the circumstances that gave rise to the CGT event first existed.
717 - A Foreign income tax offsets
717 - D Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: entry rules
717 - E Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: exit rules
717 - O Offshore banking units