Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p37
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 37/48)
Character Range: 319415–322070

notice.
 (3) The further notice:
 (a) must vary the notice referred to in subsection (2) in such a way (which may include setting out additional information) that the notice as varied complies with section 165‑115ZC of the Income Tax Assessment Act 1997 as affected by the amendments; and
 (b) must be given within the 6 months referred to in subsection (1) of this section, or within a further period allowed by the Commissioner; and
 (c) must otherwise be given in accordance with that section.

Special rules for consolidatable groups and potential MEC groups
 (4) Subsections (5) and (6) have effect if:
 (a) the alteration time mentioned in section 165‑115ZC of the Income Tax Assessment Act 1997 is after 10 November 1999 and before 1 July 2004; and
 (b) apart from this section, subsection 165‑115ZC(4) or (5) of that Act would require an entity (the notifying entity) to give a notice to another entity (the receiving entity) in relation to the alteration time; and
 (c) just before the alteration time, the notifying entity and the receiving entity were both members of the same consolidatable group or potential MEC group.
 (5) Subsections 165‑115ZC(4) and (5) of the Income Tax Assessment Act 1997 do not apply to the notifying entity if both it and the receiving entity became members of the same consolidated group or MEC group before 1 July 2004.
 (6) Even if subsection (5) does not apply, the notifying entity is not required to give the notice to the receiving entity before the end of 6 months after the commencement of this subsection.
 (7) Subsections (1) and (3) have effect subject to subsections (5) and (6).

165‑115ZD  Adjustment (or further adjustment) for interest realised at a loss after global method has been used
 (1) This section affects how sections 165‑115ZA and 165‑115ZB of the Income Tax Assessment Act 1997 apply to an interest (the equity) in, or a debt owed by, a company if apart from this section, a loss (the realised loss):
 (a) would be realised for income tax purposes by a realisation event that happens to the equity or debt; or
 (b) would be so realised but for Subdivision 170‑D of that Act (which defers realisation of capital losses and deductions);
and the company chose to use the global method of working out whether it had an adjusted unrealised loss at the last alteration time:
 (c) that happened for the company, before the realisation event; and
 (d) immediately before which the equity or debt was, or was part of:
 (i) if the company was a loss company at that alteration time—a relevant equity interest, or a relevant debt interest, that an entity had in the company; or
 (ii) otherwise—what