Document ID: chunk:federal_register_of_legislation:C2014A00110:clause:5_116
Version: federal_register_of_legislation:C2014A00110
Segment Type: clause
Provision Reference: sch 5 cl 116
Character Range: 87199–88136

116  Subsection 709‑185(2)
Repeal the subsection, substitute:

Transfer of excess to head company
 (2) For the purpose of applying subsection 205‑70(1) to the *head company of the *consolidated group for the income year in which the joining time occurs:
 (a) if, as described in paragraph 205‑70(1)(c), an amount of a *tax offset remains after applying section 63‑10—that amount is taken to be increased by the amount of the joining entity's excess; or
 (b) otherwise:
 (i) paragraph 205‑70(1)(c) is taken to apply to the head company; and
 (ii) the remaining amount of a tax offset covered by that paragraph is taken to be the amount of the joining entity's excess.
Note: Paragraph 205‑70(1)(c) refers to tax offsets under section 205‑70.
 (2A) In working out whether paragraph (2)(a) applies, take into account any application of this section to any other entity that became a *subsidiary member of the group before the joining time.