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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 703.30

Debt interests that are not membership interests

             (1)  For the purposes of Part 3-90 of the Income Tax Assessment Act 1997 , this section affects whether an interest or right that is held by an entity on or after 1 July 2002 and relates to another entity is a membership interest of the entity in the other entity.

             (2)  Apply Division 974 of the Income Tax Assessment Act 1997 in determining under Subdivision 960-G of that Act whether the interest or right is a membership interest of the entity in the other entity.

Note:          Under Subdivision 960-G of the Income Tax Assessment Act 1997 , a debt interest relating to an entity is not a membership interest in the entity. Division 974 of that Act explains what a debt interest is.

             (3)  This section has effect whether or not the debt and equity test amendments (as defined in item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001 ) apply to transactions in relation to the interest or right at the relevant time.



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