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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-L - Consolidated groups and MEC groups    View history reference

SECTION 104-510  Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3  

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104-510(1)  

CGT event L3 happens if:


(a) an entity becomes a *subsidiary member of a *consolidated group or a *MEC group; and
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(b) the sum of the *tax cost setting amounts for all *retained cost base assets that are taken into account under paragraph 705-35(1)(b) in working out the tax cost setting amount of each reset cost base asset of the entity exceeds the group ' s *allocable cost amount for the entity.
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104-510(2)  

The time of the event is just after the entity becomes a *subsidiary member of the group.

104-510(3)  

For the head company core purposes mentioned in subsection 701-1(2) , the *head company makes a capital gain equal to the excess.


 



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