Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A bundle of losses comes into existence at the time (the initial transfer time ) a loss of any * sort that has not previously been transferred under Subdivision 707‑A is transferred under that Subdivision from an entity (the real loss‑maker ) to the * head company of a * consolidated group (the joined group ).
(2) At the initial transfer time, the bundle consists of every loss (regardless of its * sort) that:
(a) is transferred at that time under that Subdivision from the real loss‑maker to the * head company of the joined group; and
(b) has not been transferred under that Subdivision before that time.
Note: For certain purposes, section 707‑327 of the Income Tax (Transitional Provisions) Act 1997 treats the bundle as including certain other losses too.
(3) The bundle still exists at a later time if it includes at that later time at least one loss of any * sort that could be * utilised or otherwise reduced by an entity for an income year ending after that time (even if one or more losses have ceased to be included in the bundle before that later time).
Note: A bundle continues to exist even if the losses in it are transferred again under Subdivision 707‑A after the initial transfer time.
(4) A loss ceases to be included in a * bundle at the first time for which it is true that the loss cannot be * utilised or otherwise reduced by any entity for an income year ending after that time.