New Business Tax System (Miscellaneous) Bill (No. 2) 2000
Revised Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)
This Memorandum takes account of amendments made by the House of Representatives to this Bill as introduced.
- If the recipient entity holds its relevant equity and/or debt interest directly in the loss company, disregard paragraphs (3) and (4).
- If the entity through which the recipient entity holds its relevant equity and/or debt interest (i.e. the interposed entity) does not hold its interest directly in the loss company, then the information in paragraphs (3) and (4) must be provided in relation to each interposed entity.
- The 'other relevant information' heading in paragraphs (3) and (4) is for information which needs to be taken into consideration when determining the impact of the losses on the market value of the above equity and debt interests (e.g. dividend rights and priority of debts).
- Where the company is a loss company at a second or later alteration time in the same income year, disregard subparagraphs 2(a) and (b).