Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe objects of this Part are:
(a) to prevent double taxation of the same economic gain realised by a consolidated group; and
(b) to prevent a double tax benefit being obtained from an economic loss realised by a consolidated group; and
(c) to provide a systematic solution to the prevention of such double taxation and double tax benefits that will:
(i) reduce the cost of complying with this Act; and
(ii) improve business efficiency by removing complexities and promoting simplicity in the taxation of wholly‑owned groups.
Table of sections
Common rule
701‑1 Single entity rule
Head company rules
701‑5 Entry history rule
701‑10 Cost to head company of assets that entity brings into group
701‑15 Cost to head company of membership interests in entity that leaves group
701‑20 Cost to head company of assets consisting of certain liabilities owed by entity that leaves group
701‑25 Tax‑neutral consequence for head company of ceasing to hold assets when entity leaves group
Entity rules
701‑30 Where entity not subsidiary member for whole of income year
701‑35 Tax‑neutral consequence for entity of ceasing to hold assets when it joins group
701‑40 Exit history rule
701‑45 Cost of assets consisting of liabilities owed to entity by members of the group
701‑50 Cost of certain membership interests of which entity becomes holder on leaving group
Supporting provisions
701‑55 Setting the tax cost of an asset
701‑60 Tax cost setting amount
701‑65 Net income and losses for trusts and partnerships
Exceptions
701‑70 Adjustments to taxable income where identities of parties to arrangement merge on joining group
701‑75 Adjustments to taxable income where identities of parties to arrangement re‑emerge on leaving group
701‑80 Accelerated depreciation
701‑85 Other exceptions etc. to the rules