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NEW BUSINESS TAX SYSTEM (CONSOLIDATION AND OTHER MEASURES) ACT (NO. 1) 2002 - SCHEDULE 7
- Consolidation: foreign tax credits and exit history rule
Income Tax Assessment Act 1997
1
Section 717-20 (link note)
Repeal the link note.
2
At the end of Subdivision 717-A
Add:
717-30 Exit history rule does not treat leaving entity as having foreign
tax credits
- (1)
- This section operates in relation to an income year if:
- (a)
- an entity
(the leaving entity ) ceases to be a * subsidiary member of a * consolidated
group before the end of that income year; and
- (b)
- the * head company of the
group has * excess foreign tax credits from an earlier income year.
- (2)
- To
avoid doubt, the leaving entity is not taken because of section 701-40
(the exit history rule) to have those * excess foreign tax credits.
- (3)
- It
does not matter whether the * head company has those * excess foreign tax
credits because of section 717-10 or 717-15 (whether in relation to the
leaving entity or another entity) or because of another provision.
[The next
Subdivision is Subdivision 717-D.]
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