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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History

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-B - MEC groups and their members  

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History

Subdiv 719-B heading inserted by No 117 of 2002, s 3 and Sch 8 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 ).

Basic concepts

SECTION 719-35   Treating entities held through non-fixed trusts as wholly-owned subsidiaries  

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719-35(1)    
This section operates to ensure that an entity (the test entity ) is not prevented from being a ^* wholly-owned subsidiary of a company, just because there is a trust that is not a ^* fixed trust interposed between the test entity and the company.

719-35(2)    
For the purposes of this Division, in determining whether the test entity is a ^* wholly-owned subsidiary of the company, assume that the interposed trust is a ^* fixed trust and all its objects are beneficiaries.

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History

S 719-35 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 ).

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