Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (NO. 6) 2003 NO. 67, 2003 - SCHEDULE 5

Income Tax Assessment Act 1997

1 Subparagraphs 719-10(1)(b)(ii) and (iii)

Repeal the subparagraphs, substitute:

(ii) are entities for which the requirements in section 701C-10 of the Income Tax (Transitional Provisions) Act 1997 are met; or
(iii) are entities for which the requirements in section 701C- 15 of the Income Tax (Transitional Provisions) Act 1997 are met.
2 Subsections 719-10(4) and (5)

Repeal the subsections.

3 Paragraph 719-10(6)(c)

Repeal the paragraph, substitute:

(c) there are no entities for which the requirements mentioned in subparagraph (1)(b)(ii) are met; and
(d) there are no entities for which the requirements mentioned in subparagraph (1)(b)(iii) are met;

Income Tax (Transitional Provisions) Act 1997

4 At the end of section 701C-1

Add:

Note: 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 (see sections 719-2 and 719-10 of this Act).

5 At the end of subsection 701C-10(1)

Add:

Note: This subsection applies in relation to a MEC group as if the reference to item 2, column 4 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 were a reference to subparagraph 719-10(1)(b)(ii) of that Act (see subsection 719-2(3) of this Act).

6 At the end of subsection 701C-15(1)

Add:

Note: This subsection applies in relation to a MEC group as if the reference to item 2, column 4 of the table in subsection 703-15(2) of the Income Tax Assessment Act 1997 were a reference to subparagraph 719-10(1)(b)(iii) of that Act (see subsection 719-2(3) of this Act).

7 Section 701C-30

Omit "transitional foreign-held entity", substitute "transitional foreign-held joining entity".

8 Section 701C-30 (note 2)

Omit "transitional foreign-held entity", substitute "transitional foreign-held joining entity".

9 Section 701C-35

Omit "transitional foreign-held entity", substitute "transitional foreign-held joining entity".

10 At the end of Subdivision 719-B

Add:

719-10 Effect of Division 701C

(1)

This section applies if the consolidated group mentioned in section 701C-10 or 701C-15 is a MEC group.

(2)

To avoid doubt, for the purposes of those sections, the test entity cannot be a subsidiary member of the group if the group came into existence on or after 1 July 2004.