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

Schedule 3   Consolidation

Part 1   Bad debts

Division 3   Consequential amendments

Financial Corporations (Transfer of Assets and Liabilities) Act 1993

7   Subsection 22(3) (at the end of the note)

Add:

Subdivision 709-D of that Act is about the conditions that must be met for an entity to deduct a bad debt that has for a period been owed to a member of a consolidated group and has for another period been owed to an entity that was not a member of that group for the period.

Subdivision 719-I of that Act is about the conditions that must be met for an entity to deduct a bad debt that has for a period been owed to a member of a MEC group.