New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 17 Consolidation: transitional cost setting rule relating to roll-overs
Income Tax (Transitional Provisions) Act 1997
2 At the end of section 701-35
(2) The provisions are:
(a) Division 705 of the Income Tax Assessment Act 1997; and
(b) provisions of this Act modifying the effect of that Division.
(3) Subsection (1) does not apply if:
(a) the asset mentioned in subsection (1) is a membership interest in an entity (the test entity ); and
(b) when the CGT event happened:
(i) the originating company in relation to the roll-over, or the transferor in relation to the roll-over relief, was a foreign resident; and
(ii) the recipient company, or the transferee in relation to the roll-over relief, was an Australian resident; and
(c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as a transitional foreign-held subsidiary of the group.