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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.95

No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group

             (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



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