Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018 (14 of 2018)

Schedule 1   Consolidation

Part 7   Value shifting

Income Tax Assessment Act 1997

30   Application

(1) The amendments made by this Part apply in relation to an entity that ceases to be a subsidiary member of a consolidated group or MEC group under an arrangement that commences on or after the 2013 budget time.

(2) If an asset mentioned in subsection 701-60A(1) of the Income Tax Assessment Act 1997 (as inserted by this Schedule) is or is part of a Division 230 financial arrangement at the leaving time mentioned in that subsection, the amendments made by this Part also apply in relation to that asset in the same way as Part 2 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 applies.

Note: The application of the amendments made by Part 2 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 is set out in Part 3 of that Schedule.

(3) Subitem (4) applies if:

(a) an entity ceases to be a subsidiary member of a consolidated group or MEC group under an arrangement that commences before the 2013 budget time; and

(b) the amendments made by this Part apply because of subitem (2).

(4) The Commissioner cannot amend an assessment of an entity for an income year in a particular way if:

(a) the entity lodged its income tax return for the income year before the 2013 budget time; and

(b) the Commissioner could not amend the assessment in that way if the amendments made by Part 6 and this Part were disregarded; and

(c) the entity has not requested the Commissioner to amend the assessment in that way.

Note: Subitems (2), (3) and (4) have the effect that the amendments made by this Part operate in relation to an asset that is or is part of a Division 230 financial arrangement in the same way that the amendments made by Part 6 of this Schedule operate.

(5) In this item:

2013 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013.