New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 (90 of 2002)

Schedule 13   Exempting entities and former exempting entities

Income Tax Assessment Act 1997

10   Paragraph 204-50(2)(b)

Repeal the paragraph, substitute:

(b) in a case where the Commissioner determines that an*exempting debit is to arise in the*exempting account of an entity under paragraph 204-30(3)(b) - to the entity; and

(c) in a case where a favoured member is denied an*imputation benefit under paragraph 204-30(3)(c) - to the favoured member.