Income Tax Assessment Act 1997
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Hide history noteA provision mentioned in subsection (5) that applies on an entity becoming a *member of a *consolidated group or *MEC group does not apply to an entity becoming such a member because of a situation described in subsection 719-120(1) , unless the provision is expressed to apply despite this subsection.
Note 1:
An example of the effect of this subsection is that section 701-5 (entry history rule) does not apply. See instead section 719-125 .
Note 2:
Further examples of the effect of this subsection are that Division 705 (cost setting on entry) and Division 707 (losses) do not apply.
719-130(2)
Subsection (1) does not affect the application of subsection 701-1(1) (the single entity rule).
719-130(3)
A provision mentioned in subsection (5) that applies on an entity ceasing to be a *member of a *consolidated group or *MEC group does not apply to an entity ceasing being such a member because of a situation described in subsection 719-120(1) , unless the provision is expressed to apply despite this subsection.
Note 1:
An example of the effect of this subsection is that section 701-40 (Exit history rule) does not apply. See instead section 719-125 .
Note 2:
Another example of the effect of this subsection is that Division 711 (cost setting on exit) does not apply.
719-130(4)
Subsection (3) does not apply if:
(a) the old group mentioned in subsection 719-120(1) is a *consolidated group; and
(b) the new group mentioned in subsection 719-120(1) is a *MEC group; and
(c) the entity ceasing to be a *member of the old group becomes an *eligible tier-1 company in respect of the new group.
719-130(5)
The provisions are as follows:
(a) Subdivision 104-L ;
(b) section 165-212E ;
(c) this Part (other than this Subdivision);
(d) Part 3-90 of the Income Tax (Transitional Provisions) Act 1997 .
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