Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 1   Consolidation

Part 2   Membership rules and insolvency etc.

Income Tax Assessment Act 1997

2   At the end of section 703-30 (after the note)


(3) For the purposes of this section, one entity is not prevented from being the beneficial owner of a *membership interest in another entity merely because the first entity is or becomes:

(a) an externally-administered body corporate within the meaning of the Corporations Act 2001; or

(b) an entity with a status under a *foreign law similar to the status of an externally-administered body corporate under the Corporations Act 2001.