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

9   Applying old section 160AFE to non membership periods

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

(a) becomes a subsidiary member of a consolidated group or MEC group; and

(b) has a period referred to in section 701-30 as a non membership period.

(2) The requirement in paragraph (1D)(b) of the old section 160AFE 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 last day of the non membership period; or

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