Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 701C - Modified application etc. of provisions of Income Tax Assessment Act 1997: transitional foreign-held membership structures  

Subdivision 701C-C - Modifications of tax cost setting rules  

Other modifications

SECTION 701C-50  

701C-50   Cost setting rules for exit cases - reference to modification of core rule  

Section 711-5 of the Income Tax Assessment Act 1997 applies as if the following note were added at the end of the section:

Note:

If the leaving entity is a transitional foreign-held subsidiary (within the meaning of section 701C-20 of the Income Tax (Transitional Provisions) Act 1997) , this Division will, in accordance with subsection 701-15(4) of this Act (see section 701C-40 of the first-mentioned Act), apply to membership interests that an eligible non-resident mentioned in that subsection holds in the entity in the same way as it applies to membership interests that the head company holds in the entity.