Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies to a loss of any * sort if:
(a) an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and
(b) the loss was made by the joining entity for an income year ending before the joining time.
Note 1: If the joining entity had a loss transferred to it by a previous operation of this Subdivision (when the entity was the head company of a consolidated group), this Subdivision operates later as if the joining entity had made the loss. See section 707‑140.
Note 2: Section 707‑405 may affect the income year for which the joining entity is treated as having made the loss, if the joining entity made the loss and the loss is referable to part of an income year.
(2) This Subdivision applies to the loss only to the extent to which the loss is not utilised or otherwise reduced for:
(a) an income year ending before the joining time; or
(b) a non‑membership period mentioned in section 701‑30 that ended before the joining time.