Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.95

  (1)   A provision of this Part that applies on an entity becoming a * subsidiary member of a * MEC group does not apply to an entity being taken to have become such a member because the entity stopped being the * head company of the group as mentioned in section   719 - 85, unless the provision is expressed to apply despite this subsection.

Note:   An example of the effect of this subsection is that section   701 - 5 (Entry history rule) does not apply. See instead section   719 - 90.

  (2)   To avoid doubt, subsection   (1) does not affect the application of subsection   701 - 1(1) (the single entity rule).

  (3)   A provision of this Part that applies on an entity ceasing to be a * subsidiary member of a * MEC group does not apply to an entity being taken to cease being such a member because the entity became the * head company of the group as mentioned in section   719 - 85, unless the provision is expressed to apply despite this subsection.

Note:   An example of the effect of this subsection is that section   701 - 40 (Exit history rule) does not apply. See instead section   719 - 90.

Table of sections

719 - 120   Application

719 - 125   Head company of new group retains history of head company of old group

719 - 130   Provisions of this Part not to apply to conversion

719 - 135   Provisions of this Part applying to conversion despite section   719 - 130

719 - 140   Other provisions of this Part not applying to conversion