Document ID: chunk:federal_register_of_legislation:C2018A00014:clause:1_24:p2
Version: federal_register_of_legislation:C2018A00014
Segment Type: clause
Provision Reference: sch 1 cl 24 (pt 2/2)
Character Range: 24814–26941

(the leaving time); and
 (b) because subsection 701‑1(1) (the single entity rule) ceases to apply to the leaving entity at the leaving time, the asset or liability becomes the asset or liability of:
 (i) the leaving entity; or
 (ii) the *head company of the group; and
 (c) if subparagraph (b)(i) applies:
 (i) in the case of an asset—subsection 701‑55(5A) applies in relation to the asset at the leaving time because of section 701‑45; or
 (ii) in the case of a liability—subsection 715‑379(2) applies in relation to the liability at the leaving time; and
 (d) if subparagraph (b)(ii) applies:
 (i) in the case of an asset—subsection 701‑55(5A) applies in relation to the asset at the leaving time because of section 701‑20; and
 (ii) in the case of a liability—subsection 715‑379(2) applies in relation to the liability at the leaving time; and
 (e) the asset or liability is or is part of a *Division 230 financial arrangement.
 (2) If subparagraph (1)(b)(i) applies:
 (a) in the case of an asset—for the purposes of section 230‑60, assume that the leaving entity acquired the asset (as mentioned in subsection 701‑55(5A)) at the leaving time in return for the leaving entity starting to have an obligation to provide the payment mentioned in that subsection; and
 (b) in the case of a liability—for the purposes of section 230‑60, assume that the leaving entity started to have the liability at the leaving time in return for the leaving entity starting to have a right to receive the payment mentioned in subsection 715‑379(2).
 (3) If subparagraph (1)(b)(ii) applies:
 (a) in the case of an asset—for the purposes of section 230‑60, assume that the head company acquired the asset (as mentioned in subsection 701‑55(5A)) at the leaving time in return for the head company starting to have an obligation to provide the payment mentioned in that subsection; and
 (b) in the case of a liability—for the purposes of section 230‑60, assume that the head company started to have the liability at the leaving time in return for the head company starting to have a right to receive the payment mentioned in subsection 715‑379(2).