Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_104b:p2
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 104B (pt 2/2)
Character Range: 290073–290970

in the head company's assessable income for:
 (a) the head company's first applicable income year; and
 (b) each of the 3 subsequent income years.
(7) If there is a shortfall, the head company is entitled to a deduction equal to 25% of that shortfall for:
 (a) the head company's first applicable income year; and
 (b) each of the 3 subsequent income years.
(8) In the case of a liability, subitem (9) applies if Subdivision 705‑B of the Income Tax Assessment Act 1997 (group formation) has effect in relation to the joining entity becoming a subsidiary member of the group.
(9) Treat the amount of the payment mentioned in subsection 715‑375(2) of that Act as being the amount of consideration that the joining entity would need to provide, if it were to cease holding the liability just before the joining time, without an amount being assessable income of, or deductible to, the joining entity.