Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.85

Application

                   Sections 719-90 to 719- 95 set out the effects if:

                     (a)  a company (the old head company ) is the * head company of a * MEC group at the end of an income year; and

                     (b)  a different company (the new head company ) is the head company of the group at the start of the next income year (the transition time ).

Note:          This case can arise from the operation of section 719-75, which treats an entity that is the provisional head company of the group at a certain time in the income year as being the group's head company at all times in the income year when the group is in existence.

                   The old head company is also taken to become a subsidiary member of the group at the transition time, and the new head company is taken to cease being a subsidiary member at that time. Section 719- 95 ensures that these results do not change the tax position of the group.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback