Taxation Laws Amendment Act (No. 6) 2003 (67 of 2003)

Schedule 5   Consolidation: transitional foreign-held membership structures

Income Tax (Transitional Provisions) Act 1997

10   At the end of Subdivision 719-B

Add:

719-10 Effect of Division 701C

(1) This section applies if the consolidated group mentioned in section 701C-10 or 701C-15 is a MEC group.

(2) To avoid doubt, for the purposes of those sections, the test entity cannot be a subsidiary member of the group if the group came into existence on or after 1 July 2004.