Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:8_9:p2
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 8 cl 9 (pt 2/3)
Character Range: 195411–198263

not affected by anything done by the joining entity before the joining time.

Note: The entry history rule in section 701‑5 would otherwise have had the effect that actions of the joining entity would be treated as those of the head company. Depending on the nature of the actions, this could have prevented the head company from making the election mentioned above.

Subdivision 717‑G—Elections etc. relating to CFCs, FIFs and FLPs: exit rules

Guide to Subdivision 717‑G

717‑295  What this Subdivision is about

      This Subdivision deals with the effect upon certain elections etc. relating to CFCs, FIFs and FLPs when an entity ceases to be a subsidiary member of a consolidated group.

Table of sections

Application and object

717‑300 Application
717‑305 Object of this Subdivision

Elections etc.

717‑310 Pre‑leaving‑time irrevocable declarations, elections, choices and selections by head company not inherited by leaving entity
717‑315 Pre‑leaving‑time actions of head company do not prevent leaving entity from electing to apply the calculation method

[This is the end of the Guide.]

Application and object

717‑300  Application

  This Subdivision operates for the purposes of Part X and Part X1 of the Income Tax Assessment Act 1936 if an entity (the leaving entity) ceases to be a *subsidiary member of a *consolidated group at a time (the leaving time).

717‑305  Object of this Subdivision

  The object of this Subdivision is to provide:
 (a) that the leaving entity does not inherit the *head company's irrevocable declarations, elections, choices or selections; and
 (b) that pre‑leaving‑time actions of the head company do not prevent the leaving entity from electing to apply the calculation method to determine whether foreign investment fund income accrued from a FIF.

Elections etc.

717‑310  Pre‑leaving‑time irrevocable declarations, elections, choices and selections by head company not inherited by leaving entity

  If at the leaving time an irrevocable declaration, election, choice or selection made by the *head company of the group under Part X or XI of the Income Tax Assessment Act 1936 is in force, then, for the entity core purposes, so far as they relate to the leaving entity after the leaving time, the leaving entity is not taken to have made the election.

Note: The exit history rule in section 701‑40 would otherwise have had the effect that the leaving entity is taken to have made the declaration etc.

717‑315  Pre‑leaving‑time actions of head company do not prevent leaving entity from electing to apply the calculation method

  Any entitlement of the leaving entity to make an election under subsection 535(3) of the Income Tax Assessment Act 1936 for the entity core purposes, so far as they relate to the leaving entity after the leaving time, is not affected by anything done by the