Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p2
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 2/9)
Character Range: 687560–690533

707‑A of that Act from certain wholly‑owned subsidiaries of life insurance companies that are members of a consolidated group.

Subdivision 707‑D—Special rules about losses

Table of sections
707‑405 Special rules about losses referable to part of income year

707‑405  Special rules about losses referable to part of income year
  Section 707‑405 of the Income Tax Assessment Act 1997 has effect in relation to this Division, and Division 170 of that Act as it has effect for the purposes of this Division, in the same way as that section has effect in relation to Division 707 of that Act.

Division 709—Other rules applying when entities become subsidiary members etc.

Table of Subdivisions
709‑D Deducting bad debts

Subdivision 709‑D—Deducting bad debts

Table of sections
709‑200 Application of Subdivision 709‑D of the Income Tax Assessment Act 1997

709‑200  Application of Subdivision 709‑D of the Income Tax Assessment Act 1997
  Subdivision 709‑D of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.

Division 712—Certain rules for where entities cease to be subsidiary members of consolidated groups

Table of Subdivisions
712‑E Expenditure relating to exploration, mining or quarrying

Subdivision 712‑E—Expenditure relating to exploration, mining or quarrying

Table of sections
712‑305 Reducing adjustable value of head company's notional asset

712‑305  Reducing adjustable value of head company's notional asset
 (1) This section reduces the adjustable value of a notional asset that section 40‑35, 40‑37, 40‑38, 40‑40 or 40‑43 treats the head company of a consolidated group as holding, if:
 (a) an entity (the leaving entity) ceases to be a subsidiary member of the group at a time (the leaving time); and
 (b) that section treats the leaving entity as holding a notional asset because of section 701‑40 (Exit history rule) of the Income Tax Assessment Act 1997.
Note: Section 701‑40 (Exit history rule) of the Income Tax Assessment Act 1997 treats as expenditure of the leaving entity certain expenditure incurred before the leaving time in relation to an asset or business that was an asset or business of the leaving entity at the leaving time.
 (2) The adjustable value of the head company's notional asset is reduced at the leaving time by the adjustable value of the leaving entity's notional asset at that time.

Division 713—Rules for particular kinds of entities

Table of Subdivisions
713‑L Transitional relief for certain transactions relating to life insurance companies
713‑M General insurance companies

Subdivision 713‑L—Transitional relief for certain transactions relating to life insurance companies

Table of sections
713‑500 Object of Subdivision
713‑505 When this Subdivision applies (first case)
713‑510 When this Subdivision applies (second case)
713‑515 Entities must choose the relief
713‑520 Conditions
713‑525 Time of transfer
713‑530 What the relief is
713‑535 Subsequent consequences
713‑540 Requirement