Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-10
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FINANCIAL TRANSACTIONS
Division 243
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Limited recourse debt
Subdivision 243-D
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Special provisions
Operative provisions
SECTION 243-70 Application of Division to companies ceasing to be 100 % subsidiary 243-70(1)
This section applies to a company if:
(a) the company ceases to be a * 100 % subsidiary in relation to at least one other company; and
(b) at that time, the company is the debtor for a * limited recourse debt that has not been paid in full by the company; and
(c) the creditor's rights under the debt are transferred or assigned to another entity.
243-70(2)
If this section applies, this Division applies as if the debt were terminated, and refinanced with * non-arm's length limited recourse debt, at the time the company ceased to be a * 100 % subsidiary of that other company.
View history note
Hide history noteSECTION 243-70 Application of Division to companies ceasing to be 100 % subsidiary 243-70(1)
This section applies to a company if:
(a) the company ceases to be a * 100 % subsidiary in relation to at least one other company; and
(b) at that time, the company is the debtor for a * limited recourse debt that has not been paid in full by the company; and
(c) the creditor's rights under the debt are transferred or assigned to another entity.
243-70(2)
If this section applies, this Division applies as if the debt were terminated, and refinanced with * non-arm's length limited recourse debt, at the time the company ceased to be a * 100 % subsidiary of that other company.