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 3/30)
Character Range: 6151378–6154379

member of the group at the leaving time.
 (2) Section 711‑35 operates as if:
 (a) a deduction to which the partnership becomes entitled (the partnership deduction) were a deduction to which the partner becomes entitled, to the extent of the partner's individual share of the partnership deduction; and
 (b) the deduction to which the partner becomes entitled were of the same kind as the partnership deduction.
Note: These kinds of deductions include acquired deductions and owned deductions (within the meaning of section 711‑35).
 (3) Section 711‑40 operates as if a liability owed by *members of the group to the partnership at the leaving time were a liability owed by members of the group to the partner at that time, to the extent of the partner's individual share of the liability.
 (4) If:
 (a) in accordance with the *accounting principles that the partnership would use if it were to prepare its financial statements just before the leaving time (disregarding subsection 701‑1(1) (the single entity rule)), a thing (the partnership liability) is a liability of the partnership just before the leaving time; and
 (b) for that reason, the partnership liability is not an accounting liability of the partner just before the leaving time for the purposes of section 711‑45;
then section 711‑45 operates as if the partnership liability were an accounting liability of the partner just before the leaving time, to the extent of the partner's individual share of the partnership liability.

Subdivision 713‑L—Life insurance companies

Guide to Subdivision 713‑L

713‑500  What this Subdivision is about
      This Subdivision sets out special rules for:

                (a) a life insurance company that becomes, or ceases to be, a member of a consolidated group; and
                (b) the head company of a consolidated group where a life insurance company is a subsidiary member of the group.

Table of sections

General modifications for life insurance companies
713‑505 Head company treated as a life insurance company
713‑510 Certain subsidiaries of life insurance companies cannot be members of consolidated group
713‑510A Disregard single entity rule in working out certain amounts in respect of life insurance company

Life insurance companies' liabilities on joining consolidated group
713‑511 Treatment of certain liabilities for income year when life insurance company joins consolidated group

Tax cost setting rules for life insurance companies joining consolidated group
713‑515 Certain assets taken to be retained cost base assets where life insurance company joins group
713‑520 Valuing certain liabilities where life insurance company joins group
713‑525 Obligation to value certain assets and liabilities at joining time

Losses of life insurance companies joining consolidated group
713‑530 Treatment of certain losses of life insurance company

Losses of life insurance companies' subsidiaries joining consolidated group
713‑535 Losses of entities whose membership interests