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-CC applies to MEC groups

SECTION 719-700   Changeover times under section 165-115C or 165-115D  

719-700(1)  
This section has effect for the purposes of determining whether a time (the test time ) is a ^* changeover time under section 165-115C (about changes in ownership) or 165-115D (about changes in control) in respect of the ^* head company of a ^* MEC group. Modified meaning of reference time

719-700(2)  
The reference time is:

(a) if no ^* changeover 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 changeover time.

719-700(3)  
Subsection (2) of this section has effect despite subsection 165-115A(2A). Assumptions to make

719-700(4)  
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.