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

Schedule 11   Consolidation: application of rules to MEC groups

Income Tax (Transitional Provisions) Act 1997

4   Before Subdivision 719-C

Insert:

Subdivision 719-A - Modified application of Part 3-90 to MEC groups

719-2 Modified application of Part 3-90 to MEC groups

(1) This Part (other than Division 703 and this Division) has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group.

(2) However, that effect is subject to the modifications set out in this Division.

Subdivision 719-B - MEC groups and their members

719-5 Debt interests that are not membership interests

Section 703-30 of this Act has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group.