Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.165

  (1)   This section applies if an entity (the MEC joining entity ) becomes a * subsidiary member of a * MEC group at a time (the MEC joining time ).

  (2)   Subsection   701 - 35(4) (setting value of trading stock at tax - neutral amount) does not apply to the assets of the MEC joining entity if it is an * eligible tier - 1 company at the MEC joining time.

  (3)   Subsection   701 - 35(5) (setting value of registered emissions unit at tax - neutral amount) does not apply to the assets of the MEC joining entity if it is an * eligible tier - 1 company at the MEC joining time.