Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 1   Collection and recovery of tax

Part 3   Application, transitional and saving provisions

Divison 2   Division 5 of the Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

55   At the end of Part 3-90

Add:

Division 721 - Liability for payment of tax where head company fails to pay on time

Table of Subdivisions

721-A Application of Division

Subdivision 721-A - Application of Division

Table of sections

721-25 References in tax sharing agreements to former table item 25

721-25 References in tax sharing agreements to former table item 25

(1) A reference in an agreement to item 25 of the table in subsection 721-10(2) of theIncome Tax Assessment Act 1997 is taken, from the commencement of this section, to be a reference to item 3 of that table, if:

(a) paragraph 721-25(1)(a) of that Act applies to the agreement; and

(b) the agreement was in force just before the commencement of this section.

(2) This section applies in relation to tax to which Division 5 of theIncome Tax Assessment Act 1997 applies.