Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 6   Notice requirements for inter-entity loss multiplication rules

Income Tax (Transitional Provisions) Act 1997

20   At the end of section 165-115ZC


Special rules for consolidatable groups and potential MEC groups

(4) Subsections (5) and (6) have effect if:

(a) the alteration time mentioned in section 165-115ZC of the Income Tax Assessment Act 1997 is after 10 November 1999 and before 1 July 2004; and

(b) apart from this section, subsection 165-115ZC(4) or (5) of that Act would require an entity (the notifying entity ) to give a notice to another entity (the receiving entity ) in relation to the alteration time; and

(c) just before the alteration time, the notifying entity and the receiving entity were both members of the same consolidatable group or potential MEC group.

(5) Subsections 165-115ZC(4) and (5) of the Income Tax Assessment Act 1997 do not apply to the notifying entity if both it and the receiving entity became members of the same consolidated group or MEC group before 1 July 2004.

(6) Even if subsection (5) does not apply, the notifying entity is not required to give the notice to the receiving entity before the end of 6 months after the commencement of this subsection.

(7) Subsections (1) and (3) have effect subject to subsections (5) and (6).