s 701D-1
In forceObject of this Division
Chapter 3Specialist liability rules
Part 3-90Consolidated groups
Division 701DTransitional foreign loss makers
Subdivision 701D-AObject of this Division
701D-1 Object of this Division
(1)
The object of this Division is to allow an entity that is a potential subsidiary member of a consolidated group to utilise an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936) during a transitional period, rather than have the head company utilise the loss subject to the restrictions in Subdivision 707‑C of the Income Tax Assessment Act 1997.
(2)
Therefore, this Division allows the head company to prevent the entity from being a subsidiary member of the group, for a transitional period.
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