Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 719 - MEC groups  

Subdivision 719-T - Interactions between this Part and other areas of the income tax law: special rules for MEC groups  

How Subdivision 165-CD applies to MEC groups

SECTION 719-720   Alteration times under section 165-115L or 165-115M  

719-720(1)  
This section has effect for the purposes of determining whether a time (the test time ) is an * alteration time under section 165-115L (about alterations in ownership) or 165-115M (about alterations in control) in respect of the * head company of a * MEC group. Modified meaning of reference time

719-720(2)  
The reference time is:


(a) if no * alteration time has occurred in respect of the head company since the group came into existence and before the test time - when the group came into existence; or


(b) otherwise - the time just after the last such alteration time.

719-720(3)  
In applying subsection (2), disregard an * alteration time arising under subsection 719-725(4) .

719-720(4)  
Subsection (2) of this section has effect despite subsections 165-115L(2) and 165-115M(2) . Assumptions to make

719-720(5)  
Assume that, while the * MEC group exists:


(a) the * top company for the group holds and beneficially owns all the * membership interests in the * head company (instead of whoever actually does); and


(b) those membership interests remain the same; and


(c) the top company directly controls the voting power in the head company.


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