Income Tax Assessment Act 1997

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Div 310 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. No 19 of 2010 (as amended by No 147 of 2011, No 158 of 2012 and No 23 of 2018), s 3 and Sch 2 item 11 contains the following application provision:

Application provision  
11(1)
The amendments made by Parts 1 and 2 of this Schedule apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 (as amended by this Schedule) for those entities is satisfied; and

(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen;

during the period starting on 24 December 2008 and ending at the end of 30 June 2011, or on or after 1 October 2011.

Note 1:

The effect of paragraph (1)(a) is that, subject to subitem (2), all of the members of the original fund will need to become members of a continuing fund during the period or on or after 1 October 2011.

Note 2:

The effect of paragraph (1)(b) is that, subject to subitem (2), the transferring fund needs to cease to hold all relevant assets during the period or on or after 1 October 2011.

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History

S 11(1) amended by No 49 of 2020, s 3 and Sch 2 items 4 and 5, by substituting " on or after 1 October 2011 " for " during the period starting on 1 October 2011 and ending at the end of 1 July 2020 " and substituting " the period or on or after 1 October 2011 " for " this period " in note 1 and 2, effective 1 July 2020. For application provisions, see note under s 310-1 .

11(2)
The amendments also apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 (as amended by this Schedule) for those entities is satisfied during the period starting on 24 December 2008 and ending at the end of 30 September 2011; and

(b) all the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen during the period starting on 1 July 2010 and ending at the end of 30 September 2011.

S 310-1 amended by No 49 of 2020, s 3 and Sch 2 item 1, by substituting the note for notes 1 and 2, effective 1 July 2020. No 49 of 2020, s 3 and Sch 2 item 7 contains the following application provision:

7 Application of amendments  
7
The amendments made apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 for those entities is satisfied on or after 1 October 2011; and

(b) all of the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen on or after 1 October 2011.

Note 1:

The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund on or after 1 October 2011.

Note 2:

The effect of paragraph (b) is that the transferring entity needs to cease to hold all relevant assets on or after 1 October 2011.

Notes 1 and 2 formerly read:

Note 1:

This Division applies to mergers happening between 24 December 2008 and 30 June 2011 (or, in certain cases, 30 September 2011), or between 1 October 2011 and 1 July 2020 (see Part 3 of Schedule 2 to the Tax Laws Amendment (2009 Measures No 6) Act 2010 ).

Note 2:

This Division and associated provisions will be repealed on 1 July 2022 (see Parts 4 and 5 of that Schedule).

S 310-1 amended by No 23 of 2018, s 3 and Sch 2 item 2, by substituting " 1 July 2022 " for " 1 July 2019 " in note 2, effective 1 April 2018.

S 310-1 amended by No 23 of 2018, s 3 and Sch 2 item 1, by substituting " 1 July 2020 " for " 1 July 2017 " in note 1, effective 1 April 2018. No 23 of 2018, s 3 and Sch 2 item 6 contains the following application provision:

6 Application of amendments  
6
The amendments made apply in relation to a transferring entity and a receiving entity if:

(a) the condition in subsection 310-10(3) , 310-15(3) or 310-20(3) of the Income Tax Assessment Act 1997 for those entities is satisfied; and

(b) all of the transfer events (if any) referred to in subsection 310-45(2) of that Act for those entities happen;

during the period starting on 1 October 2011 and ending at the end of 1 July 2020.

Note 1:

The effect of paragraph (a) is that all of the members of the original fund will need to become members of a continuing fund during this period.

Note 2:

The effect of paragraph (b) is that the transferring fund needs to cease to hold all relevant assets during this period.

S 310-1 amended by No 158 of 2012, s 3 and Sch 1 items 1 and 2, by substituting Note 1 and substituting " 1 July 2019 " for " 1 July 2013 " in Note 2, effective 28 November 2012. For application provisions see note under Div 310 heading. Note 1 formerly read:

Note 1:

This Division applies only to mergers happening between 24 December 2008 and 30 June 2011 (or, in certain circumstances, 30 September 2011) (see Part 3 of Schedule 2 to the Tax Laws Amendment (2009 Measures No 6) Act 2010 ).

S 310-1 amended by No 147 of 2011, s 3 and Sch 6 item 1, by inserting " (or, in certain circumstances, 30 September 2011) " in note 1, effective 29 November 2011.

S 310-1 inserted by No 19 of 2010, s 3 and Sch 2 item 1, effective 25 March 2010. For application provisions see note under Div 310 heading.