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-D 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S 705-245 repealed by No 56 of 2010, s 3 and Sch 5 item 24, effective 3 June 2010. For application provision, see note under section 705-125(1) . S 705-245 formerly read:

SECTION 705-245 Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members  
Object

705-245(1)
The object of this section is to ensure that, where linked entities hold ^* membership interests in other linked entities, the pre-CGT status of membership interests held by the ^* head company, and not the pre-CGT status of membership interests held by other linked entities, is used to work out the ^* pre-CGT factor under section 705-125 for assets of the other linked entities.

Pre-CGT factor to be worked out from top down

705-245(2)
If linked entities hold ^* membership interests in any other linked entities, the ^* pre-CGT factor for the assets of linked entities holding membership interests must be worked out before the pre-CGT factor for the assets of the linked entities in which the membership interests are held.

S 705-245 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 ).