New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 11   Consolidation: application of rules to MEC groups

Income Tax Assessment Act 1997

1   Before Subdivision 719-B

Insert:

Subdivision 719-A - Modified application of Part 3-90 to MEC groups

719-2 Modified application of Part 3-90 to MEC groups

(1) This Part (other than Division 703 and this Division) has effect in relation to a *MEC group in the same way in which it has effect in relation to a *consolidated group.

Note: A provision in this Part (other than in Division 703 or in this Division) mentioning 2 separate consolidated groups will, under subsection (1), have an additional operation when the groups are both MEC groups or when one is a MEC group and the other is a consolidated group.

(2) However, that effect is subject to the modifications set out in this Division.

(3) For the purposes of subsection (1), a reference in this Part (other than in Division 703 or this Division) to a provision in Division 703 applies as if it referred instead to that provision or the corresponding provision in Subdivision 719-B (as appropriate).