Tax Laws Amendment (2005 Measures No. 5) Act 2005 (162 of 2005)

Schedule 3   Consolidation

Part 1   Bad debts

Division 3   Consequential amendments

Income Tax Assessment Act 1997

18   Subsection 165-120(1) (note 3)

Repeal the note, substitute:

Note 3: Subdivisions 709-D and 719-I modify how this Subdivision operates in relation to a company that used to be a member of a consolidated group or MEC group and that writes off as bad a debt that used to be owed to a member of the group.