Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 770.295

             (1)  This section operates if:

                     (a)  an entity (the joining entity ) is a subsidiary member of a consolidated group for some but not all of an income year (the joining year ); and

                     (b)  there are one or more periods in the joining year (each of which is a non-membership period ) during which the entity is not a subsidiary member of any consolidated group.

Note:          Section 701-30 of the 1997 Act treats each non-membership period as a separate income year for some purposes.

             (2)  Subsection (3) has effect for the purposes of section 701-30 of the 1997 Act in relation to the joining entity.

             (3)  In working out amounts for the joining entity under subsection 701-30(3) of the 1997 Act in relation to each non-membership period, assume that, if the joining year starts at the same time as the earliest of those non-membership periods, section 770-230 operates in relation to the joining entity for that non-membership period.