S 717-20 repealed by
No 143 of 2007
, s 3 and Sch 1 item 201, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under
Div 770 heading
. S 717-20 formerly read:
SECTION 717-20 Head company
'
s accelerated access to joining entity
'
s excess foreign tax credits from joining year
717-20(1)
This section operates if:
(a)
a consolidated group came into existence during an income year (the
current year
); and
(b)
the current year ended before 1 July 2004; and
(c)
section
160AFE
of the
Income Tax Assessment Act 1936
as amended by the
New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002
applies in relation to the head company of the consolidated group for the current year; and
(d)
an entity (the
joining entity
) became a subsidiary member of the consolidated group at a time (the
joining time
) during the current year; and
(e)
the condition in subsection (2) is satisfied; and
(f)
the joining entity had excess foreign tax credits from the earliest non-membership period (under section
701-30
of the
Income Tax Assessment Act 1997
) in the current year.
717-20(2)
The condition is that the joining entity and the head company of the consolidated group were members of the same wholly-owned group:
(a)
if the joining time was the start of the current year or the time the joining entity came into existence
-
at the joining time; or
(b)
otherwise
-
throughout the period:
(i)
beginning at the start of the current year, or the time the joining entity came into existence (whichever is later); and
(ii)
ending at the joining time.
717-20(3)
Section
160AFE
of the
Income Tax Assessment Act 1936
operates in relation to the head company of the consolidated group for the current year as if:
(a)
subsection
160AFE(4)
of that Act provided that the amount of the excess foreign tax credits mentioned in paragraph (1)(f) of this section was the amount of the head company
'
s excess foreign tax credits from an earlier year of income (the
notional year
); and
(b)
paragraphs
160AFE(3)
(a) and (b) of that Act provided that the excess foreign tax credits from the notional year should be applied before the other credits mentioned in those paragraphs.
S 717-20 inserted by No 90 of 2002.
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