Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Division 719 - MEC groups  

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Div 719 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdivision 719-C - MEC group cost setting rules: joining cases  

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Subdiv 719-C inserted by No 117 of 2002, s 3 and Sch 8 item 8, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Modified application of tax cost setting rules for joining

SECTION 719-165   Trading stock value and registered emissions unit value not set for assets of eligible tier-1 companies  

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719-165(1)    
This section applies if an entity (the MEC joining entity ) becomes a ^* subsidiary member of a ^* MEC group at a time (the MEC joining time ).

719-165(2)    
Subsection 701-35(4) (setting value of trading stock at tax-neutral amount) does not apply to the assets of the MEC joining entity if it is an ^* eligible tier-1 company at the MEC joining time.

719-165(3)    

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Subsection 701-35(5) (setting value of registered emissions unit at tax-neutral amount) does not apply to the assets of the MEC joining entity if it is an *eligible tier-1 company at the MEC joining time.

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S 719-165(3) inserted by No 132 of 2011, s 3 and Sch 2 item 53, effective 2 April 2012.

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S 719-165 substituted by No 16 of 2003, s 3 and Sch 12 item 3, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ). S 719-165 formerly read:

Trading stock value not set for assets of eligible tier-1 companies  
719-165
Subsection 701-35(4) (setting value of trading stock at tax-neutral amount) does not apply to the assets of the MEC joining entity if it is an ^* eligible tier-1 company at the MEC joining time.

S 719-165 inserted by No 117 of 2002, s 3 and Sch 8 item 8, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

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