Income Tax (Transitional Provisions) Act 1997
View history note
Hide history noteThis section applies if the group mentioned in subsection 701D-10(2) of this Act is a MEC group.
719-15(2)
For the purposes of that subsection, in determining whether an entity was at a particular time (the ownership time ) a wholly-owned subsidiary of the entity that became the head company of the group (the head entity ), make the assumption in subsection (3).
719-15(3)
The assumption is that the head entity owned at the ownership time each membership interest covered by subsection (4).
719-15(4)
A membership interest is covered by this subsection if it was beneficially owned at the ownership time by any entity that became an eligible tier-1 company of the group at the formation time.
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