New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 11   Consolidation: application of rules to MEC groups

Income Tax Assessment Act 1997

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.