Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 20   Non-membership equity interests

Income Tax Assessment Act 1997

207   Subsection 705-145(5)

Repeal the subsection, substitute:

Non-membership equity interests

(5) For the purposes of this section, if, on becoming a *subsidiary member, an entity holds a *non-membership equity interest in another entity that becomes a subsidiary member at the same time, that non-membership equity interest is treated as if it were a *membership interest in that other entity.