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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.730 Some alteration times only affect interests in top company

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.730

Some alteration times only affect interests in top company

  (1)   This section applies if an * alteration time (except one arising under subsection   719 - 725(4)) happens for the * head company of a * MEC group.

  (2)   Sections   165 - 115ZA and 165 - 115ZB apply, in relation to the alteration time, to an interest or debt that is, or is part of, a relevant equity interest or relevant debt interest that an entity has in the * head company just before the * alteration time, only if the interest or debt is:

  (a)   an * equity or loan interest in the * top company for the MEC group; or

  (b)   an * indirect equity or loan interest in the top company.

Note:   Sections   165 - 115ZA and 165 - 115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.

  (3)   In determining what is a relevant equity interest or relevant debt interest that an entity has in the * head company just before the * alteration time, make the assumptions in subsection   719 - 720(5).

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