Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.725

Additional alteration times based on section   719 - 280

  (1)   The time when a * potential MEC group ceases to exist is an alteration time in respect of the * head company of a * MEC group if, just before that time, the potential MEC group's membership was the same as the membership of the MEC group.

Note:   The alteration times in subsections   (1), (2) and (3) are based on the events described in subsections   719 - 280(2), (3) and (4), each of which causes the test company referred to in section   719 - 280 to be assumed to fail the continuity of ownership test in section   165 - 12.

  (2)   If something:

  (a)   happens at a time in relation to * membership interests in one or more of these entities:

  (i)   a company that was just before that time a * member of a * MEC group and an * eligible tier - 1 company of the * top company for the MEC group;

  (ii)   an entity interposed between a company described in subparagraph   (i) and the company that was the top company for the group just before that time; and

  (b)   does not cause the * potential MEC group whose membership is the same as the membership of the MEC group to cease to exist, but does cause a change in the identity of the top company for the potential MEC group;

that time is an alteration time in respect of the * head company of the * MEC group.

  (3)   The time when a * MEC group ceases to exist because there ceases to be a * provisional head company of the group is an alteration time in respect of the * head company of the * MEC group.

Additional alteration times based on Subdivision   719 - K

  (4)   If Subdivision   719 - K (MEC group cost setting rules: pooling cases) applies, the time just before the trigger time referred to in paragraph   719 - 555(1)(a) is an alteration time in respect of the * head company of the * MEC group.