Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Before Subdivision 719 - B
Insert:
Subdivision 719 - A -- Modified application of Part 3 - 90 to MEC groups
719 - 2 Modified application of Part 3 - 90 to MEC groups
(1) This Part (other than Division 703 and this Division) has effect in relation to a * MEC group in the same way in which it has effect in relation to a * consolidated group.
Note: A provision in this Part (other than in Division 703 or in this Division) mentioning 2 separate consolidated groups will, under subsection ( 1), have an additional operation when the groups are both MEC groups or when one is a MEC group and the other is a consolidated group.
(2) However, that effect is subject to the modifications set out in this Division.
(3) For the purposes of subsection ( 1), a reference in this Part (other than in Division 703 or this Division) to a provision in Division 703 applies as if it referred instead to that provision or the corresponding provision in Subdivision 719 - B (as appropriate).
2 Subsection 995 - 1(1) (at the end of the definition of consolidated group )
Add:
Note 1: Part 3 - 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 - 2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 - 90) referring only to consolidated groups do not apply to MEC groups.
3 Subsection 995 - 1(1) (at the end of the definition of MEC group )
Add:
Note 1: Part 3 - 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 - 2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 - 90) referring only to consolidated groups do not apply to MEC groups.
Income Tax (Transitional Provisions) Act 1997
4 Before Subdivision 719 - C
Insert:
Subdivision 719 - A -- Modified application of Part 3 - 90 to MEC groups
719 - 2 Modified application of Part 3 - 90 to MEC groups
(1) This Part (other than Division 703 and this Division) has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group.
(2) However, that effect is subject to the modifications set out in this Division.
Subdivision 719 - B -- MEC groups and their members
719 - 5 Debt interests that are not membership interests
Section 703 - 30 of this Act has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group.