INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
This section affects how the average value of a matter is determined for the purposes of Division 820 of the Income Tax Assessment Act 1997 , as it applies to a resident TC group for an income year beginning before 1 July 2002 and ending before 30 June 2003.
820-30(2)
If:
(a) the group is an outward investing entity (ADI) for that income year, or section 820-565 of that Act applies Subdivision 820-D of that Act to the group for that income year as if it were an outward investing entity (ADI); and
(b) apart from this section, a day on which the group did not include at least one entity that is an ADI would be a measurement day for the group under section 820-645 of that Act;
that day is treated as not being such a measurement day.
820-30(3)
If:
(a) section 820-575 of that Act applies Subdivision 820-E of that Act to the group for that income year as if it were an inward investing entity (ADI); and
(b) apart from this section, a day on which the group did not include at least one Australian permanent establishment through which a foreign bank carries on its banking business in Australia would be a measurement day for the group under section 820-645 of that Act;
that day is treated as not being such a measurement day.
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