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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 719.163

Modified effect of section 701-35

             (1)  This section applies if the transitional group mentioned in section 701-35 of this Act is a MEC group.

             (2)  That section has effect as if paragraph 701-35(3)(c) were repealed and the following paragraph were substituted:

                     (c)  when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as:

                              (i)  a transitional foreign-held subsidiary of the group (see section 701C-20); or

                             (ii)  an eligible tier-1 company of the group.



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