Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_4:p3
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 4 (pt 3/3)
Character Range: 63308–65345

be a *subsidiary member of the group in that income year—the amount (if any) that the *head company of the group can deduct under this section in respect of the asset for that income year.

 (5) An entity is qualified for a deduction under this subsection for an income year for the asset if:
 (a) the entity:
 (i) is the *head company of the group; and
 (ii) held the asset at a time in that income year (whether or not because of the operation of subsection 701‑1(1) (the single entity rule)); or
 (b) the entity:
 (i) held the asset at a time in that income year; and
 (ii) ceased to be a *subsidiary member of the group in that income year or an earlier income year.

 (6) An amount deducted under this section:
 (a) is not to be deducted under any other provision of this Act; and
 (b) is not to be taken into account in determining an amount that is included in the assessable income of any entity qualified for a deduction under subsection (5) for any income year for the asset; and
 (c) is not to be taken into account in determining an amount of a deduction of any entity qualified for a deduction under subsection (5) for any income year for the asset; and
 (d) despite paragraphs (b) and (c), is taken never to have been included in any of the elements of the *cost base of the asset.

716‑410  Rights to amounts that are expected to be included in assessable income after joining time

  This section covers an asset at a time if:
 (a) the asset is a valuable right covered by subsection 701‑90(1); and

Note: Such a valuable right is treated as a separate asset for the purposes of this Part (see subsection 701‑90(2)).
 (b) the asset is held by an entity just before the time (the joining time) it became a *subsidiary member of a *consolidated group; and
 (c) it is reasonable to expect that an amount attributable to the asset will be included in the assessable income of the entity or any other entity after the joining time; and
 (d) Division 230 does not apply in relation to the asset (disregarding section 230‑455).