Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p11
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 11/17)
Character Range: 590005–592692

to consolidate); and
 (b) the end of 31 December 2005.

Agreement of other entities required in certain cases
 (3) If the choice is to be made after the end of the period mentioned in paragraph (2)(a) and before the end of the day mentioned in paragraph (2)(b), it cannot be made unless each entity in relation to which the conditions in subsection (5) are satisfied has agreed to it being made.

Choice is irrevocable in certain circumstances
 (4) The choice cannot be revoked unless:
 (a) the revocation takes place before the end of 31 December 2005; and
 (b) each entity in relation to which the conditions in subsection (5) are satisfied has agreed to the revocation.
 (5) For the purposes of subsections (3) and (4), the conditions are that:
 (a) the entity (the leaving entity) ceased to be a subsidiary member of the group before the choice was made (in a subsection (3) case) or before the revocation took place (in a subsection (4) case); and
 (b) an asset became that of the leaving entity because section 701‑1 (the single entity rule) of the Income Tax Assessment Act 1997 ceased to apply when the leaving entity ceased to be a subsidiary member; and
 (c) the asset had become that of the head company because that section applied when a chosen transitional entity (whether or not the same entity as the leaving entity) became a subsidiary member.

701‑7  Working out the cost base or reduced cost base of a pre‑CGT asset after certain roll‑overs
  Section 716‑855 applies for the purposes of this Division in the same way as that section applies for the purposes of Part 3‑90 of the Income Tax Assessment Act 1997.

701‑10  Interpretation
  A reference in this Division to:
 (a) a provision of the Income Tax Assessment Act 1997; or
 (b) a consolidated group's allocable cost amount for an entity;
is a reference to that provision as it applies to the group, or to the allocable cost amount as it is worked out for the entity, in accordance with Subdivision 705‑B of that Act and with this Division.

Subdivision 701‑B—Modified application of provisions

Table of sections
701‑15 Tax cost and trading stock value not set for assets of chosen transitional entities
701‑20 Working out allocable cost amount on formation for subsidiary members other than chosen transitional entities
701‑25 No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities
701‑32 No adjustment of amount of liabilities required in working out allocable cost amount
701‑35 Act, transaction or event giving rise to CGT event for pre‑formation roll‑over after 16 May 2002 to be disregarded if cost base etc. would be different
701‑40 When entity