Income Tax Assessment Act 1997
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Hide history noteSECTION 719-720 Alteration times under section 165-115L or 165-115M 719-720(1)
This section has effect for the purposes of determining whether a time (the test time ) is an * alteration time under section 165-115L (about alterations in ownership) or 165-115M (about alterations in control) in respect of the * head company of a * MEC group.
Modified meaning of reference time
719-720(2)
The reference time is:
(a) if no * alteration time has occurred in respect of the head company since the group came into existence and before the test time - when the group came into existence; or
(b) otherwise - the time just after the last such alteration time.
719-720(3)
In applying subsection (2), disregard an * alteration time arising under subsection 719-725(4) .
719-720(4)
Subsection (2) of this section has effect despite subsections 165-115L(2) and 165-115M(2) .
Assumptions to make
719-720(5)
Assume that, while the * MEC group exists:
(a) the * top company for the group holds and beneficially owns all the * membership interests in the * head company (instead of whoever actually does); and
(b) those membership interests remain the same; and
(c) the top company directly controls the voting power in the head company.
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