Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax (Transitional Provisions) Act 1997
1 Section 717 - 25 (link note)
Repeal the link note, substitute:
[The next Division is Division 719.]
2 At the end of Part 3 - 90
Add:
Table of Subdivisions
719 - C Cost setting
719 - F Losses
Subdivision 719 - C -- Cost setting
Table of sections
719 - 160 Transitional cost setting rules on joining have effect with modifications
719 - 165 Modified effect of paragraph 701 - 45(1)(b)
719 - 160 Transitional cost setting rules on joining have effect with modifications
(1) Section 719 - 160 of the Income Tax Assessment Act 1997 has effect in relation to the provisions of this Act mentioned in subsection ( 2) in the same way as that section has effect in relation to the provisions mentioned in subsection 719 - 160(3) of the Income Tax Assessment Act 1997 .
(2) The provisions are Divisions 701 and 702 of this Act, other than:
(a) section 701 - 5; and
(b) section 701 - 40; and
(c) section 701 - 45.
(3) However, that effect of section 719 - 160 of the Income Tax Assessment Act 1997 is subject to modifications set out in this Division.
719 - 165 Modified effect of paragraph 701 - 45(1)(b)
(1) This section applies if the transitional group mentioned in paragraph 701 - 45(1)(b) of this Act is a MEC group.
(2) That paragraph applies as if the reference in that paragraph to the entity that became the head company were a reference to any entity that became a member of the group, and that was an eligible tier - 1 company, at the time the transitional group came into existence.
Table of sections
719 - 305 Available fraction for bundle of losses not affected by concessional rules
719 - 305 Available fraction for bundle of losses not affected by concessional rules
To avoid doubt, sections 707 - 325 and 707 - 327 do not apply for the purposes of working out the available fraction for the bundle of losses that are taken under subsection 719 - 305(2) of the Income Tax Assessment Act 1997 to be transferred under Subdivision 707 - A of that Act.
[The next Division is Division 820.]