Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC groups  

Subdivision 719-B - MEC groups and their members  

Effects of change of head company

SECTION 719-95   No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group  

719-95(1)    
A provision of this Part that applies on an entity becoming a ^* subsidiary member of a ^* MEC group does not apply to an entity being taken to have become such a member because the entity stopped being the ^* head company of the group as mentioned in section 719-85 , unless the provision is expressed to apply despite this subsection.

Note:

An example of the effect of this subsection is that section 701-5 (Entry history rule) does not apply. See instead section 719-90 .

719-95(2)    
To avoid doubt, subsection (1) does not affect the application of subsection 701-1(1) (the single entity rule).

719-95(3)    
A provision of this Part that applies on an entity ceasing to be a ^* subsidiary member of a ^* MEC group does not apply to an entity being taken to cease being such a member because the entity became the ^* head company of the group as mentioned in section 719-85 , unless the provision is expressed to apply despite this subsection.

Note:

An example of the effect of this subsection is that section 701-40 (Exit history rule) does not apply. See instead section 719-90 .