New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 10   Consolidation: consequential provisions for international tax

Income Tax Assessment Act 1936

8   Applying old section 160AFE to part years

(1) Subitem (2) has effect for the purposes of applying the old section 160AFE:

(a) to a taxpayer as mentioned in item 5, 6 or 7; and

(b) for a period that is shorter than an income year.

(2) The requirement in paragraph (1D)(b) of that section that the income company be a group company in relation to the credit company in relation to the current year of income has effect as if it were a requirement that the income company be a group company in relation to the credit company:

(a) continuously for a period of at least 12 months ending on the day before the day on which section 160AFE of the Income Tax Assessment Act 1936 as amended by this Schedule starts to apply to the taxpayer; or

(b) from the time when the income company and the credit company were both in existence, if that period is shorter.