Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 703 - Consolidated groups and their members  

SECTION 703-30   Debt interests that are not membership interests  

703-30(1)    
For the purposes of Part 3-90 of the Income Tax Assessment Act 1997 , this section affects whether an interest or right that is held by an entity on or after 1 July 2002 and relates to another entity is a membership interest of the entity in the other entity.

703-30(2)    
Apply Division 974 of the Income Tax Assessment Act 1997 in determining under Subdivision 960-G of that Act whether the interest or right is a membership interest of the entity in the other entity.

Note:

Under Subdivision 960-G of the Income Tax Assessment Act 1997 , a debt interest relating to an entity is not a membership interest in the entity. Division 974 of that Act explains what a debt interest is.

703-30(3)    
This section has effect whether or not the debt and equity test amendments (as defined in item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001 ) apply to transactions in relation to the interest or right at the relevant time.