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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.265

Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest

  (1)   For the purposes of Subdivision   165 - CD, treat the * head company of a * consolidated group as not having a relevant equity interest in a * loss company at a particular time if:

  (a)   the head company is an * eligible tier - 1 company of a * top company at that time; and

  (b)   the top company is a * widely held company at that time; and

  (c)   because of subsections   165 - 115X(2A), (2B) and (2C), the top company does not have a relevant equity interest under section   165 - 115X in the loss company at that time.

  (2)   For the purposes of paragraph   (1)(c), disregard the operation of subsection   701 - 1(1) (the single entity rule) in determining whether subsection   165 - 115X(2C) has the effect that the * top company has the relevant equity interest mentioned in that paragraph.

  (3)   For the purposes of Subdivision   165 - CD, treat the * head company of a * consolidated group as not having a relevant debt interest in a * loss company at a particular time if:

  (a)   the head company is an * eligible tier - 1 company of a * top company at that time; and

  (b)   the top company is a * widely held company at that time; and

  (c)   because of subsections   165 - 115Y(3A), (3B) and (3C), the top company does not have a relevant debt interest under section   165 - 115Y in the loss company at that time.


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