Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p50
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 50/66)
Character Range: 6452969–6455656

year in which the application event happened). Subsection (2) has effect subject to this subsection.

719‑310  Adjustment of available fractions for bundles of losses previously transferred to ongoing head company
 (1) This section affects the *available fraction for each *bundle of losses that were transferred to the ongoing head company under Subdivision 707‑A before the application event.
 (2) The available fraction for the *bundle is reduced or maintained just after the event by multiplying it by this fraction:
Note: The market value of the ongoing head company at the time just before or just after the application event will be worked out on the basis that subsidiary members of the MEC group or consolidated group headed by the ongoing head company at that time are part of the ongoing head company, because of section 701‑1 (the single entity rule).
 (3) Item 3 of the table in subsection 707‑320(2) does not apply to affect the *available fraction for the *bundle because of:
 (a) the transfer mentioned in section 719‑305; or
 (b) the transfer (if any) to the ongoing head company of a loss of any *sort under Subdivision 707‑A at the time of the application event from an entity that became a *subsidiary member of the *MEC group as a result of the event.

719‑315  Further adjustment of available fractions for all bundles
 (1) If, because of the application event:
 (a) there is under section 719‑305 an *available fraction for the *bundle of prior group losses; and
 (b) section 719‑310 affects the available fraction for one or more other bundles of losses;
this section affects the available fraction for every one of those bundles.
 (2) The available fraction (as affected by section 719‑305 or 719‑310) is reduced by multiplying it by this fraction:
 (3) For the purposes of working out the fraction in subsection (2), use the value of an *available fraction for a *bundle of losses apart from:
 (a) this section; and
 (b) if item 5 of the table in subsection 707‑320(2) would apply as a result of the calculation of the available fraction in accordance with section 719‑305 or 719‑310—that item.

719‑320  Limit on utilising losses other than the prior group losses
 (1) This section has effect for the purposes of working out how much of the losses, other than prior group losses, in a *bundle the ongoing head company can *utilise for the income year in which the application event happens.
 (2) For the purposes of subsection 707‑310(3), the prior group losses are to be treated as if they had not been transferred under Subdivision 707‑A, to the extent to which the ongoing head company can *utilise them for the income year because they are treated as being