Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 20   Non-membership equity interests

Income Tax Assessment Act 1997

215   After subsection 711-45(6A)

Insert:

Increase for non-share capital account balance

(6B) The step 4 amount is increased by the amount that would be the balance of the leaving entity's *non-share capital account, assuming that:

(a) if the leaving entity is not a company - the leaving entity were a company; and

(b) each *non-membership equity interest (if any) in the leaving entity held at just before the leaving time by a person other than a *member of the old group were a *non-share equity interest in the leaving entity; and

(c) the non-share equity interests (if any) mentioned in paragraph (b) were the only non-share equity interests in the leaving entity.