Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 5   Pre-joining time roll-overs

Income Tax Assessment Act 1997

47   Subsections 705-147(3), (4) and (5)

Repeal the subsections, substitute:

Membership interests in subsidiary members of group

(3) In applying section 705-93 for the purposes of this Subdivision, disregard paragraph 705-93(1)(f) if:

(a) the rollover asset mentioned in that section is a *membership interest in an entity that becomes a *subsidiary member at the formation time; and

(b) the rollover asset is not held at that time by the entity that becomes the *head company of the group.

Note: The step 3A amount is worked out under section 705-93.