Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p53
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 53/54)
Character Range: 1220193–1222823

at that time.
 (2) However, the former subsidiary is not treated as if it had disposed of the interest and reacquired it if the main business of each of the entities that acquired the direct or indirect beneficial ownership of *shares in the former subsidiary is the same as the main business of the *wholly‑owned group of which the former subsidiary was a member.
 (3) The disposal and reacquisition of the interest:
 (a) is taken to have occurred when that direct or indirect beneficial ownership was acquired; and
 (b) is taken not to have affected any lease of the plant.

45‑25  Group members liable to pay outstanding tax
 (1) The consequences specified in subsection (2) apply if:
 (a) an amount is included in the former subsidiary's assessable income for an income year because of section 45‑15 or 45‑20; and
 (b) the former subsidiary is liable to pay an amount of income tax for that income year; and
 (c) the former subsidiary does not pay all of that income tax within 6 months after it became payable.
 (2) The consequences are that:
 (a) the former subsidiary remains liable to pay the outstanding amount of income tax (reduced by any payments of tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999); and
 (b) each company that was, just before the time when the direct or indirect beneficial ownership referred to in paragraph 45‑15(1)(f) or 45‑20(1)(f) was acquired, a member of the former subsidiary's former *wholly‑owned group, is jointly and severally liable to pay tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999.

45‑30  Reduction for certain plant acquired before 21.9.99
 (1) The amount included in your assessable income under subsection 45‑5(2) or 45‑10(2) is reduced if:
 (a) you acquired the *plant at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 and you disposed of the plant or an interest in it after that time; and
 (b) the sum of the amounts (your proceeds) referred to in paragraph 45‑5(1)(e) or 45‑10(1)(f) is more than the plant's *cost, or that part of it that is attributable to the interest you disposed of.
 (2) The amount included is reduced by the lesser of:
 (a) the amount (if any) by which the *plant's *cost base exceeds its *cost, or that part of the excess that is attributable to the interest you disposed of; and
 (b) the difference between your proceeds and the plant's cost, or that part of its cost that is attributable to the interest you disposed of.
 (3) However, the amount is not reduced under this section if:
 (a) the *plant was a *pre‑CGT asset at