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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.720

Alteration times under section 165-115L or 165-115M

             (1)  This section has effect for the purposes of determining whether a time (the test time ) is an * alteration time under section 165-115L (about alterations in ownership) or 165-115M (about alterations in control) in respect of the * head company of a * MEC group.

Modified meaning of reference time

             (2)  The reference time is:

                     (a)  if no * alteration time has occurred in respect of the head company since the group came into existence and before the test time--when the group came into existence; or

                     (b)  otherwise--the time just after the last such alteration time.

             (3)  In applying subsection (2), disregard an * alteration time arising under subsection 719-725(4).

             (4)  Subsection (2) of this section has effect despite subsections 165-115L(2) and 165-115M(2).

Assumptions to make

             (5)  Assume that, while the * MEC group exists:

                     (a)  the * top company for the group holds and beneficially owns all the * membership interests in the * head company (instead of whoever actually does); and

                     (b)  those membership interests remain the same; and

                     (c)  the top company directly controls the voting power in the head company.



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