Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 6   Consolidation

Part 5   Insurance companies

Income Tax (Transitional Provisions) Act 1997

29   After paragraph 707-325(1)(e)

Insert:

(ea) neither of these sections applies in relation to the value donor as joining entity at the time the group became a consolidated group:

(i) section 713-535 (Losses of entities whose membership interests are virtual PST assets of life insurance company);

(ii) section 713-540 (Losses of entities whose membership interests are segregated exempt assets of life insurance company); and