Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC rules  

Subdivision 719-C - Cost setting  

SECTION 719-163   Modified effect of section 701-35  

719-163(1)    
This section applies if the transitional group mentioned in section 701-35 of this Act is a MEC group.

719-163(2)    
That section has effect as if paragraph 701-35(3) (c) were repealed and the following paragraph were substituted:

(c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as:

(i) a transitional foreign-held subsidiary of the group (see section 701C-20 ); or

(ii) an eligible tier-1 company of the group.