Commonwealth Consolidated Acts

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Cost setting rules for exit cases--reference to modification of core rule

                   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

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