Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.510

Modified operation of paragraphs 711 - 15(1)(b) and (c)

  (1)   This section applies if the leaving entity mentioned in subsection   711 - 15(1) is a * subsidiary member of the old group that is an * eligible tier - 1 company.

  (2)   Paragraphs 711 - 15(1)(b) and (c) apply as if the membership interests mentioned in those paragraphs included * pooled interests in the * eligible tier - 1 company.

Note:   This subsection means that, in working out tax cost setting amounts for internal interests in the eligible tier - 1 company, section   711 - 15 will allocate part of the old group's allocable cost amount for the eligible tier - 1 company to the pooled interests in the company. However, the tax cost of the pooled interests is not set according to section   711 - 15. Subdivision   719 - K contains rules that set the cost of the pooled interests.


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