Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 719 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 719-B heading inserted by No 117 of 2002, s 3 and Sch 8 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 719-10(1) amended by No 97 of 2008 , s 3 and Sch 3 item 151, by substituting " *corporate tax rate " for " *general company tax rate " in the table, effective 3 October 2008.

S 719-10(1) amended by No 67 of 2003, s 3 and Sch 5 item 1, by substituting paras (b)(ii) and (iii), effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ). Paras (b)(ii) and (iii) formerly read:

(ii) are entities to which subsection (4) applies; or

(iii) are entities to which subsection (5) applies.

S 719-10(4) repealed by No 67 of 2003, s 3 and Sch 5 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ). S 719-10(4) formerly read:

Entities to which subsection (4) applies

719-10(4)
This subsection applies to an entity (the test entity ) if:

(a) the test entity is a company; and

(b) one or more entities are interposed between the test entity and an ^* eligible tier-1 company of the ^* top company; and

(c) at least one of those interposed entities is:

(i) a company that is a foreign resident; or

(ii) a trust that does not meet the conditions in item 1, 2 or 3 of the table in section 703-25; and

(d) each interposed entity is one of the following:

(i) an entity that, because of one or more previous applications of subsection (1), is a member of the ^* potential MEC group concerned;

(ii) a company to which subparagraph (c)(i) applies;

(iii) a trust to which subparagraph (c)(ii) applies;

(iv) an entity that holds ^* membership interests only as a nominee of one or more entities each of which is mentioned in subparagraph (i), (ii) or (iii) of this paragraph;

(v) a partnership, where each partner is a company that is a foreign resident or a trust that does not meet the conditions in item 1, 2 or 3 of the table in section 703-25 ; and

(e) the test entity would meet the requirements of the table in subsection (1) of this section if it were assumed that:

(i) each interposed entity that is a company to which subparagraph (c)(i) applies were a company that met the requirements of columns 1 and 2 of the table; and

(ii) each interposed entity that is a trust to which subparagraph (c)(ii) applies were a trust that met the requirements of columns 1 and 2 of the table.

S 719-10(5) repealed by No 67 of 2003, s 3 and Sch 5 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-10 of the Income Tax (Transitional Provisions) Act 1997 ). S 719-10(5) formerly read:

Entities to which subsection (5) applies

719-10(5)
This subsection applies to an entity (the test entity ) if:

(a) the test entity is a trust or a partnership; and

(b) subsection (4) applies to one or more other entities; and

(c) the test entity would meet the requirements of the table in subsection (1) if it were assumed that the other entity, or each of the other entities, were one of those ^* eligible tier-1 companies mentioned in subsection (1).

S 719-10(6) amended by No 67 of 2003, s 3 and Sch 5 item 3, by substituting paras (c) and (d) for para (c), effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ). Para (c) formerly read:

(c) there are no entities to which subsection (4) or (5) applies;

S 719-10 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).