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A technical amendment is included in New Business Tax System (Consolidation and Other Measures) Act 2003. The amendment deals with elections made under Part X (the CFC measures) of the ITAA 1936 where entities become subsidiary members of a consolidated group and where members leave a group. The rules ensure that the entry history rule in Part 3-90 of the ITAA 1997 does not adversely affect the head company's ability to make elections in relation to its interests in CFCs. Similarly, they ensure the exit history rule in Part 3-90 does not adversely affect the leaving company's ability to make elections in relation to interests in CFCs that the leaving company takes with it on exit.
Last modified: 05 Dec 2006QC 18000