• Specific Year
    Any

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.130 Provisions of this Part not to apply to conversion

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.130

Provisions of this Part not to apply to conversion

  (1)   A provision mentioned in subsection   (5) that applies on an entity becoming a * member of a * consolidated group or * MEC group does not apply to an entity becoming such a member because of a situation described in subsection   719 - 120(1), unless the provision is expressed to apply despite this subsection.

Note 1:   An example of the effect of this subsection is that section   701 - 5 (entry history rule) does not apply. See instead section   719 - 125.

Note 2:   Further examples of the effect of this subsection are that Division   705 (cost setting on entry) and Division   707 (losses) do not apply.

  (2)   Subsection   (1) does not affect the application of subsection   701 - 1(1) (the single entity rule).

  (3)   A provision mentioned in subsection   (5) that applies on an entity ceasing to be a * member of a * consolidated group or * MEC group does not apply to an entity ceasing being such a member because of a situation described in subsection   719 - 120(1), unless the provision is expressed to apply despite this subsection.

Note 1:   An example of the effect of this subsection is that section   701 - 40 (Exit history rule) does not apply. See instead section   719 - 125.

Note 2:   Another example of the effect of this subsection is that Division   711 (cost setting on exit) does not apply.

  (4)   Subsection   (3) does not apply if:

  (a)   the old group mentioned in subsection   719 - 120(1) is a * consolidated group; and

  (b)   the new group mentioned in subsection   719 - 120(1) is a * MEC group; and

  (c)   the entity ceasing to be a * member of the old group becomes an * eligible tier - 1 company in respect of the new group.

  (5)   The provisions are as follows:

  (a)   Subdivision   104 - L;

  (b)   section   165 - 212E;

  (c)   this Part (other than this Subdivision);

  (d)   Part   3 - 90 of the Income Tax (Transitional Provisions) Act 1997 .

Download

No downloadable files available