New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 (117 of 2002)

Schedule 4   Consolidation: new Subdivisions 705-C (where a consolidated group is acquired by another) and 705-D (where multiple entities are linked by membership interests)

Income Tax Assessment Act 1997

6   Paragraph 711-65(1)(a) (second occurring)

Repeal the paragraph, substitute:

(b) section 711-70 (about the multiple exit of*subsidiary members) does not apply; and

(c) the leaving entity does not cease to be a subsidiary member of the old group where Subdivision 705-C (about the old group joining another consolidated group) applies.