Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 701C.50

    Section   711 - 5 of the Income Tax Assessment Act 1997 applies as if the following note were added at the end of the section:

Note:   If the leaving entity is a transitional foreign - held subsidiary (within the meaning of section   701C - 20 of the Income Tax (Transitional Provisions) Act 1997) , this Division will, in accordance with subsection   701 - 15(4) of this Act (see section   701C - 40 of the first - mentioned Act), apply to membership interests that an eligible non - resident mentioned in that subsection holds in the entity in the same way as it applies to membership interests that the head company holds in the entity.

Table of Subdivisions

701D - A   Object of this Division

701D - B   Membership rules allowing transitional foreign loss makers to remain outside consolidated group

Table of sections

701D - 1   Object of this Division