Income Tax Assessment Act 1997
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Hide history noteSECTION 820-589 How Subdivision 820-D applies to a MEC group 820-589(1)
This section has effect for the purposes of working out the *adjusted average equity capital of the *head company of a *MEC group for a period (the test period ) that is all or part of an income year if Subdivision 820-D applies to the head company in relation to that period.
Note:
Section 820-587 extends the application of Subdivision 820-D .
820-589(2)
The *head company ' s *ADI equity capital at a particular time during the test period is to be worked out: (a) taking into account an *equity interest or *debt interest in the head company only if it is held at that time by an entity that is not a member of the group; and (b) on the basis that an equity interest or debt interest in an *eligible tier-1 company (other than the head company) that is a member of the group at that time is treated as an equity interest or debt interest (as appropriate) in the head company, but only if it is held at that time by an entity that is not a member of the group; and (c) on the basis of the information that would be contained in a set of consolidated accounts:
(i) prepared, in accordance with the *accounting standard on consolidated accounts, as at that time; and
(ii) covering the members of the group as at that time.
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