Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 14/66)
Character Range: 6360391–6363003

of that Act) in relation to the head company just before the leaving time.

Transfers

717‑245  Attribution surpluses
 (1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if:
 (a) a company (the leaving company) ceases to be a *subsidiary member of a *consolidated group at a time (the leaving time); and
 (b) just before the leaving time there was, for the purposes of that Part, an attribution surplus for an attribution account entity in relation to the *head company of the group; and
 (c) at the leaving time the leaving company's attribution account percentage in relation to the attribution account entity for the purposes of that Part is more than nil.

Credit in relation to leaving company
 (2) An attribution credit arises at the leaving time for the attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (4).

Debit in relation to head company
 (3) An attribution debit arises at the leaving time for the attribution account entity in relation to the company that was the *head company of the group just before the leaving time. The debit is the amount worked out under subsection (4).

Amount of credit and debit
 (4) The amount of the credit and debit is worked out using the formula:

717‑255  FIF surpluses
 (1) This section operates for the purposes of sections 23AK and 23B of the Income Tax Assessment Act 1936 (the 1936 Act) if:
 (a) a company (the leaving company) ceases to be a *subsidiary member of a *consolidated group at a time (the leaving time); and
 (b) just before the leaving time, there was a post FIF abolition surplus for a FIF attribution account entity in relation to the *head company of the group for the purposes of those sections; and
 (c) at the leaving time, the leaving company's FIF attribution account percentage in relation to the FIF attribution account entity for the purposes of those sections is more than nil.

Credit in relation to the leaving company
 (2) A post FIF abolition credit arises at the leaving time for the FIF attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (4).

Debit in relation to head company
 (3) A post FIF abolition debit arises at the leaving time for the FIF attribution account entity in relation to the company that was the *head company of the group just before the leaving time. The debit is the amount worked out under subsection (4).

Amount of credit and debit
 (4) The amount of the credit and debit is worked out using the formula:

Definitions
 (5) In this