s 701-25
In forceNo operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities
Chapter 3Specialist liability rules
Part 3-90Consolidated groups
Division 701Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002‑3 and 2003‑4 financial years
Subdivision 701-BModified application of provisions
701-25 No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities
If any provision of the Income Tax Assessment Act 1997 would, because of events that happened before the time the transitional group came into existence, apply to a CGT event that happens after that time to change the cost base or reduced cost base of the members’ membership interests in a chosen transitional entity, the provision does not so apply.
Note:
For example, such a provision could otherwise apply where a loss transfer or value shift involving the entity has occurred.
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