Income Tax Assessment Act 1997
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View history notePart 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Div 705 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
Subdiv 705-B inserted by No 90 of 2002, s 3 and Sch 3 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
705-165 (Repealed) SECTION 705-165 Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
(Repealed by No 56 of 2010)
S 705-165 repealed by No 56 of 2010, s 3 and Sch 5 item 22, effective 3 June 2010. For application provision, see note under section
705-125(1)
. S 705-165 formerly read:
SECTION 705-165 Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
Object
705-165(1)
The object of this section is to ensure that where, on becoming
*
subsidiary members, entities hold
*
membership interests in other subsidiary members, the pre-CGT status of membership interests held by the
*
head company, and not the pre-CGT status of membership interests held by other entities, is used to work out the
*
pre-CGT factor under section
705-125
for assets of the other subsidiary members.
Pre-CGT factor to be worked out from top down
705-165(2)
If, on becoming
*
subsidiary members, entities hold
*
membership interests in any other entities that become subsidiary members, the
*
pre-CGT factor for the assets of entities holding membership interests must be worked out before the pre-CGT factor for the assets of the entities in which the membership interests are held.
S 705-165 inserted by No 90 of 2002, s 3 and Sch 3 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).
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