Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 3/3)
Character Range: 6282162–6283372

after the joining time and in an income year for which the election applies under that section.
Note: Subsection (4) explains how section 148 of the Income Tax Assessment Act 1936 applies in relation to reinsurance under contracts made before the joining time.

Relationship with other provisions
 (8) Section 701‑5 (Entry history rule) and the choice provision have effect subject to this section.

Choices with ongoing effect

715‑670  Ongoing effect of choices made by entities before joining group
 (1) This section has effect if the question whether the *head company of a *consolidated group has made a choice (however described) under a provision listed in the table is relevant for the head company core purposes set out in section 701‑1 (Single entity rule) because of something happening in relation to a thing:
 (a) that is an asset, right, liability or obligation of the head company; and
 (b) that the head company started to have, at the time (the joining time) an entity (the joining entity) became a *subsidiary member of the group, because of that section and the fact that (ignoring that section) the entity had the thing at the joining time.

List
Item  Provision        Subject of provision