New Business Tax System (Consolidation) Act (No. 1) 2002 (68 of 2002)
Schedule 3 Consequential amendments relating to main consolidation provisions
Part 3 Limiting access to group concessions
Division 2 Loss transfers
Income Tax Assessment Act 1997
28 At the end of section 170-30
Add:
(3) One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936) of a *foreign bank.
Note: The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936.
(4) The other company must be covered by an item of this table.
|
The other company |
||
|---|---|---|
|
Item |
The other company must: |
At this time: |
|
1 |
Be the *head company of a *consolidated group |
The end of the *deduction year or, if the company ceases to be *in existence during the deduction year, just before the cessation |
|
2 |
Be the *head company of a *MEC group |
The end of the *deduction year or, if the group ceases to exist during the deduction year because the company ceases to be *in existence, just before the cessation |
|
3 |
Not be a *member of a *consolidatable group |
The end of the *deduction year or, if the company ceases to be *in existence during the deduction year, just before the cessation |
Note: The heading to section 170-30 is altered by adding at the end " etc. ".