New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 17   Consolidation: transitional cost setting rule relating to roll-overs

Income Tax (Transitional Provisions) Act 1997

3   After section 719-160

Insert:

719-163 Modified effect of section 701-35

(1) This section applies if the transitional group mentioned in section 701-35 of this Act is a MEC group.

(2) That section has effect as if paragraph 701-35(3)(c) were repealed and the following paragraph were substituted:

(c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as:

(i) a transitional foreign-held subsidiary of the group (see section 701C-20); or

(ii) an eligible tier-1 company of the group.