Income Tax Assessment Act 1997
View history note
Hide history noteCGT event L5 happens if:
(a) an entity ceases to be a *subsidiary member of a *consolidated group or a *MEC group; and
(b) in working out the group ' s *allocable cost amount for the entity, the amount remaining after applying step 4 of the table in section 711-20 is negative.
104-520(2)
The time of the event is when the entity ceases to be a *subsidiary member of the group.
104-520(3)
For the head company core purposes mentioned in subsection 701-1(2) , the *head company makes a capital gain equal to the amount remaining.
Note:
The amount remaining may be reduced under section 707-415 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
