Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.150

When an entity (other than an eligible tier - 1 company) becomes a subsidiary member of a MEC group, the tax cost of its assets is set at a tax cost setting amount that is worked out in accordance with Divisions   701 and 705 as modified by this Subdivision. Assets of eligible tier - 1 companies becoming members of a MEC group do not have their tax cost set.

Table of sections

Application and object

719 - 155   Object of this Subdivision

Modified application of tax cost setting rules for joining

719 - 160   Tax cost setting rules for joining have effect with modifications

719 - 165   Trading stock value and registered emissions unit value not set for assets of eligible tier - 1 companies

719 - 170   Modified effect of subsections   705 - 175(1) and 705 - 185(1)