Financial Sector Legislation Amendment (Restructures) Act 2007 (117 of 2007)

Schedule 3   Consequential amendments

Income Tax Assessment Act 1997

13   At the end of section 705-85

Add:

Increase to cover ADI restructure preference share interests

(4) If any *share in the joining entity needed to be disregarded under section 703-37 in order for the joining entity to be a *wholly-owned subsidiary of the *head company at the joining time, the step 2 amount worked out under section 705-70 is increased by the sum of the *market values of those shares.