Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 5/20)
Character Range: 6231724–6234430

when it ceases to be a *subsidiary member of a *consolidated group that came into existence at a particular time (the formation time).
Note: If a trust ceases to be a subsidiary member of a consolidated group: see section 715‑270.

715‑245  If ownership or control of leaving entity has altered since head company's last alteration time or formation of group
 (1) This section applies if the leaving time would be an *alteration time for the leaving entity if:
 (a) the reference time under subsection 165‑115L(2) or 165‑115M(2) were:
 (i) if at least one alteration time has occurred in relation to the *head company of the *consolidated group since the formation time and before the leaving time—the time just after the most recent such alteration time; or
 (ii) otherwise—the formation time; and
 (b) the additional assumptions in section 715‑290 were made.
 (2) The leaving time is an alteration time for the leaving entity.
Note: One consequence of this is that the reference time for working out the leaving entity's next alteration time is the time just after the leaving time.
 (3) The leaving entity is a loss company at that *alteration time if, and only if, it has an *adjusted unrealised loss at that time. If so, that adjusted unrealised loss is the leaving entity's overall loss at that time.
Note 1: Subsection (4) affects how the leaving entity works out its adjusted unrealised loss at the leaving time in some cases.
Note 2: If the leaving entity is a loss company at the leaving time, section 715‑255 provides for the consequences.
 (4) If the leaving entity uses the *individual asset method of working out its *adjusted unrealised loss at that *alteration time, then for the purposes of:
 (a) step 1 of the method statement in subsection 165‑115U(1); and
 (b) the method statement in subsection 165‑115W(1);
the leaving entity is taken to have had no earlier alteration time.

715‑250  If head company has had an alteration time but ownership and control of leaving entity have not altered since
 (1) This section applies if:
 (a) at least one *alteration time has occurred in relation to the *head company of the *consolidated group since the formation time and before the leaving time; and
 (b) the leaving time is not an *alteration time for the leaving entity under subsection 715‑245(2).
 (2) The leaving time is an alteration time for the leaving entity.
 (3) However, for the purposes of determining when the leaving entity's next *alteration time happens, the reference time under subsection 165‑115L(2) or 165‑115M(2) is the time just after the most recent alteration time for the *head company before the leaving time.
 (4) The leaving entity is a loss company at the leaving