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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.465 Assumptions about the test company failing to meet the conditions in section 165 - 123

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.465

Assumptions about the test company failing to meet the conditions in section 165 - 123

  (1)   Assume that the test company fails to meet the conditions in section   165 - 123 at the time an event described in subsection   (2), (3) or (4) happens after the start of the * ownership test period in relation to:

  (a)   the * MEC group; or

  (b)   the * potential MEC group whose membership was the same as the membership of the MEC group.

Note:   If the test company is assumed to fail to meet the conditions in section   165 - 123, the head company of the MEC group is taken (under section   719 - 455) to have failed to meet those conditions.

  (2)   One event is the * potential MEC group ceasing to exist.

  (3)   Another event is something happening that meets these conditions:

  (a)   the thing happens at a time in relation to * membership interests in one or more of these entities:

  (i)   a company that was just before that time a * member of the * MEC group and an * eligible tier - 1 company of the * top company for the MEC group;

  (ii)   an entity interposed between a company described in subparagraph   (i) and the company that was the top company for the group just before that time;

  (b)   the thing does not cause the * potential MEC group to cease to exist but does cause a change in the identity of the top company for the potential MEC group.

  (4)   Another event is the * MEC group ceasing to exist because there ceases to be a * provisional head company of the group.

Other causes of failure to meet conditions in section   165 - 123

  (5)   To avoid doubt, this section does not limit the circumstances in which the test company would have failed to meet the conditions in section   165 - 123.

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