Income Tax (Transitional Provisions) Act 1997
Division 727 , as inserted by the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 and amended by the New Business Tax System (Consolidation and Other Measures) Act 2003 , applies to a scheme entered into on or after 1 July 2002.
It also applies to a scheme entered into on or after 27 June 2002, but only in relation to:
(a) an indirect value shift that happens under the scheme on or after 1 July 2002; or
(b) a presumed indirect value shift that happens under the scheme and affects a realisation event that happens on or after 1 July 2002. 727-1(3)
Subsection (2) does not apply to an indirect value shift, or a presumed indirect value shift, if:
(a) the economic benefits taken into account in determining that the scheme has resulted in that indirect value shift or presumed indirect value shift include economic benefits provided by:
(i) an act referred to in Division 138 of the Income Tax Assessment Act 1997 as the trigger event; or
(ii) an event or act referred to in Division 139 of the Income Tax Assessment Act 1997 as the trigger event; and
(b) the act was done, or the event happened, on or after 27 June 2002 and before 1 July 2002.
In that case, the consequences of the trigger event are worked out under Division 138 or 139 of the Income Tax Assessment Act 1997 : see items 13 and 14 of Schedule 15 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 .
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