Income Tax Assessment Act 1997

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Div 705 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdiv 705-C inserted by No 117 of 2002, s 3 and Sch 4 item 4, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

S 705-190 repealed by No 56 of 2010, s 3 and Sch 5 item 65, applicable in relation to entities that become members of a consolidated group or MEC group on or after 1 July 2009. S 705-190 formerly read:

SECTION 705-190 Modified application of section 705-50  
Object

705-190(1)
The object of this section is to ensure that there is no reduction in the ^* tax cost setting amount of ^* over-depreciated assets that were brought into the acquired group by an entity on becoming a ^* subsidiary member, where the over-depreciation will already be corrected as a result of distributions made to the acquired group before that time.

Exclusion of pre-joining distributions to members of acquired group

705-190(2)
If, before it became a ^* subsidiary member of the acquired group, an entity that is a subsidiary member of the acquired group at the acquisition time paid a dividend to which paragraph 705-50(2)(b) applies, paragraph 705-50(3)(b) also has effect as if the reference in that paragraph to a taxpayer who was not entitled to a rebate of income tax under former section 46 or 46A of the Income Tax Assessment Act 1936 included a reference to:

(a) if the acquired group existed at that time - a ^* member of that group; or

(b) if not - an entity that later became a member of that group.

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History

S 705-190(2) amended by No 101 of 2006, s 3 and Sch 4 item 8, by amending a reference to a repealed inoperative provision, effective 1 January 2008.

S 705-190(2) amended by No 101 of 2006, s 3 and Sch 2 item 742, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 705-190 inserted by No 117 of 2002, s 3 and Sch 4 item 4, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).