Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p7
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 7/9)
Character Range: 699910–702731

the deferred gain.
 (6) In addition, if the deferral event involved the transfer of assets from the member life insurance company's virtual PST, an amount equal to the deferred amount or deferred gain is taken to be an amount of assessable income to which subsection 320‑205(3) of the Income Tax Assessment Act 1997 applies for the relevant entity.

713‑540  Requirement to notify happening of new event
 (1) For a section 713‑505 case, the recipient entity must, if it is not a member of the same consolidated group as the originating entity when the new event happens, notify the originating entity in the approved form of the happening of the new event within 60 days after the new event happens.
 (2) Subsection (1) does not apply if the new event is the originating entity ceasing to exist.

713‑545  Discount capital gain in certain cases
  The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713‑535(2)(b), (3)(b) or (5)(b) were a discount capital gain if:
 (a) the asset to which the deferral event happened is a virtual PST asset; and
 (b) the asset was acquired less than 12 months before the deferral event happened; and
 (c) the new event happens at least 12 months after the asset was acquired.

Subdivision 713‑M—General insurance companies

Table of sections
713‑700 Application

713‑700  Application
  Subdivision 713‑M of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.

Division 715—Interactions between the consolidation rules and other areas of the income tax law

Table of Subdivisions
715‑F Interactions with Division 230 (financial arrangements)
715‑J Entry history rule and choices
715‑K Exit history rule and choices

Subdivision 715‑F—Interactions with Division 230 (financial arrangements)

Table of sections
715‑380 Exit history rule not to affect certain matters related to Division 230 financial arrangements

715‑380  Exit history rule not to affect certain matters related to Division 230 financial arrangements

Transitional balancing adjustments
 (1) Subsection (2) applies if:
 (a) an entity (the leaving entity) ceases to be a subsidiary member of a consolidated group at a time (the leaving time); and
 (b) but for the cessation of membership and section 701‑40 of the Income Tax Assessment Act 1997 (the exit history rule), the head company of the group would be subject to a balancing adjustment under item 104 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 for an income year ending after the leaving time.
 (2) Despite section 701‑40 of the Income Tax Assessment Act 1997 (the exit history rule), the head company of the consolidated group continues to be subject to the balancing adjustment for income years ending after the leaving time.

Subdivision 715‑J—Entry history rule and