Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p15
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 15/66)
Character Range: 6362780–6365469

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 section:
FIF attribution account entity has the same meaning as in former Part XI of the Income Tax Assessment Act 1936.
FIF attribution account percentage has the same meaning as in former Part XI of the Income Tax Assessment Act 1936.
post FIF abolition credit has the same meaning as in the Income Tax Assessment Act 1936.
post FIF abolition debit has the same meaning as in the Income Tax Assessment Act 1936.
post FIF abolition surplus has the same meaning as in the Income Tax Assessment Act 1936.

717‑262  Deferred attribution credits
 (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) disregarding this section, an attribution credit (the original credit) will arise under subsection 371(8) of that Act at a later time for an attribution account entity in relation to the *head company of the group (including because of the operation of section 717‑227) for the purposes of that Part; 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 the leaving company
 (2) An attribution credit arises at the later time for the attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (3).

Amount of credit
 (3) The amount of the credit is worked out using the formula:

Reduction in credit in relation to the head company
 (4) The attribution credit that arises at the later time for the attribution account entity in relation to the *head company is reduced by the amount of the attribution credit that arises under subsection (2) in relation to the leaving company.

Subdivision 717‑O—Offshore banking units

Guide to Subdivision 717‑O

717‑700  What this Subdivision is about
      The head company of a consolidated group is treated for certain purposes as an offshore banking unit at a time when a subsidiary member of the group is an offshore banking unit.

Table of sections
717‑705 Object of this Subdivision
717‑710 Head company treated as OBU

717‑705  Object of this Subdivision
  The object of this Subdivision is to ensure that certain rules in the Income Tax Assessment Act 1936 relating to offshore banking units interact properly with the consolidation regime in