Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:6_5:p2
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 6 cl 5 (pt 2/2)
Character Range: 64344–65728

are held by the leaving company because it ceased to be a *subsidiary member of the group); and
 (b) the amount or value of the consideration paid or given by the leaving company in respect of the acquisition was equal to the amount worked out under paragraph 538(2)(a) of that Act in relation to the transferor company in relation to the FIF in respect of the notional accounting period mentioned in subsection (2) of this section.
Note: The modifications made by this section:
(a) apply if a company leaves a consolidated group during a notional accounting period of a FIF in which the company has an interest; and
(b) allow the appropriate calculation of amounts attributed under FIF rules to the transferor company and leaving company before and after the leaving time; and
(c) mean that foreign investment fund income that accrued to the transferor company from the FIF will be included in the transferor company's assessable income and will give rise to a FIF attribution credit, and may also give rise to a FIF attribution debit, in relation to the transferor company; and
(d) mean that the FIF attribution surplus and the FIF attributed tax account surplus for the FIF attribution account entity in relation to the transferor company at the surplus time will take account of credits and debits arising at the credit/debit time and earlier.
[The next Division is Division 719.]