Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteSECTION 701C-40 701C-40 Cost setting rules for exit cases - modification of core rules
Section 701-15 of the Income Tax Assessment Act 1997 applies as if the following subsection were added at the end of the section:
Application to transitional foreign-held subsidiaries
(4) If an entity that ceases to be a subsidiary member is a transitional foreign-held subsidiary when it does so:
(a) this section applies to each membership interest in the transitional foreign-held subsidiary that is held by an entity (an eligible non-resident ) of a kind mentioned in subparagraph 701C-20 (b)(i), (ii), (iii) or (iv) of the Income Tax (Transitional Provisions) Act 1997 in the same way as it applies to a membership interest in the transitional foreign-held subsidiary that is held by the head company; and
(b) for that purpose, the definition of head company core purposes in subsection 701-1(2) of the Income Tax Assessment Act 1997 applies to the eligible non-resident in the same way as it applies to the head company.
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