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INCOME TAX ASSESSMENT ACT 1997 - SECT 719.735

Some alteration times affect only pooled interests

  (1)   Sections   165 - 115ZA and 165 - 115ZB do not apply in relation to an * alteration time that happens for the * head company of a * MEC group because of subsection   719 - 725(4) (trigger time for MEC group cost setting rules: pooling cases).

  (2)   Instead, Subdivision   719 - K applies to the * MEC group, in relation to the trigger time, on the basis that:

  (a)   what would, apart from this section, be the pooled cost amount for the purposes of the formulas in subsections   719 - 570(1) and (2) is reduced by the amount of the * head company's overall loss under section   165 - 115R or 165 - 115S at that alteration time; but

  (b)   paragraph   (a) of this subsection only affects the application of those formulas because of subsection   719 - 570(3) (to work out the * reduced cost base of a * membership interest).


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