Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 20   Non-membership equity interests

Income Tax Assessment Act 1997

213   Subsection 711-15(2)

Repeal the subsection, substitute:

Non-membership equity interests

(2) For the purposes of this section, if at the leaving time a *member of the old group holds a *non-membership equity interest in the leaving entity, that non-membership equity interest is treated as if:

(a) it were a *membership interest in the leaving entity; and

(b) it were of a different class than any other membership interest in the leaving entity.