Document ID: chunk:federal_register_of_legislation:C2025C00029:section:1:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 1 (pt 1/19)
Character Range: 6283373–6286079

1     Section 775‑150  Choice to apply rules about disregarding certain *forex realisation gains and *forex realisation losses

 (2) The *head company is taken to have made such a choice if the joining entity had one in effect before the joining time.
 (3) The *head company is taken not to have made the choice if the joining entity did not have one in effect before the joining time.

715‑675  Head company adopting choice with ongoing effect
 (1) This section has effect, despite section 715‑670, if:
 (a) an entity that becomes a *member of a *consolidated group had a choice (however described) in effect under a provision (the choice provision) listed in that section before becoming a member of the group; and
 (b) the time at which the entity becomes a member of the group is the first time at which an entity that had a choice (however described) in effect under the choice provision before becoming a member of the group became a member of the group; and
 (c) the *head company of the group chooses in writing, before:
 (i) the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a member of the group; or
 (ii) a later time allowed by the Commissioner;
  to be treated as if the head company had made a choice under the choice provision.
 (2) The *head company is taken to have made a choice under the choice provision for these purposes:
 (a) the head company core purposes set out in section 701‑1 (Single entity rule);
 (b) the purposes of the application of section 715‑670 and paragraph (1)(a) in relation to another *consolidated group of which the company later becomes a *subsidiary member.

Subdivision 715‑K—Exit history rule and choices

Table of sections

Choices leaving entity can make ignoring exit history rule
715‑700 Choices leaving entity can make ignoring exit history rule

Choices leaving entity can make ignoring exit history rule to overcome inconsistencies
715‑705 Choices leaving entity can make ignoring exit history rule to overcome inconsistencies

Choices leaving entity can make ignoring exit history rule

715‑700  Choices leaving entity can make ignoring exit history rule

Application
 (1) This section has effect if:
 (a) an entity ceases to be a *subsidiary member of a *consolidated group at a time (the leaving time); and
 (b) the question whether the *head company of the group had made a choice (however described) under a provision (the choice provision) listed in the table in subsection 715‑660(1) was relevant to working out that company's liability (if any) for income tax, or the entity's loss (if any) of a particular *sort, calculated by reference to an income year starting before the leaving time.