New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 12 Consolidation: MEC group cost setting rules
Income Tax Assessment Act 1997
3 Section 719-165
Repeal the section, substitute:
719-165 Trading stock value not set for assets of eligible tier-1 companies
(1) This section applies if an entity (the MEC joining entity ) becomes a *subsidiary member of a *MEC group at a time (the MEC joining time ).
(2) Subsection 701-35(4) (setting value of trading stock at tax-neutral amount) does not apply to the assets of the MEC joining entity if it is an *eligible tier-1 company at the MEC joining time.
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