Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:7_2:p7
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 7 cl 2 (pt 7/7)
Character Range: 182306–183952

it can be shown to be attributable to things other than these:
 (a) something that would be reflected in what would, apart from this Part, be an overall loss under section 165‑115R or 165‑115S, of a *member of a *MEC group (an excluded group) because of which the first condition in section 719‑775 is satisfied, at an *alteration time for that member;
 (b) an *indirect value shift for which, apart from this Part, a member of an excluded group would be the *losing entity or the *gaining entity.

 (2) If only part of the loss can be shown to be attributable to things other than the ones listed in subsection (1), the loss is reduced to the amount of that part.

[The next Subdivision is Subdivision 719‑X.]

Part 3—Consequential amendment of the Income Tax Assessment Act 1997

3 [1]  Subsection 165‑115BB(2) (definition of residual unrealised net loss)
Repeal the definition, substitute:

previous capital losses, deductions or trading stock losses means the total of the following:
 (a) capital losses that the company made, deductions to which the company became entitled, or trading stock losses that the company made, as a result of events earlier than the relevant event in respect of assets that the company owned at the *changeover time;
 (b) each reduction that section 715‑105 (as applying to the company as the *head company of a *consolidated group or *MEC group) makes in respect of such an asset because an entity ceased before the time of the relevant event to be a *subsidiary member of the group (but counting only the greater or greatest such reduction if 2 or more are made for the same asset);
or nil if there are none.