Income Tax (Transitional Provisions) Act 1997



Division 727 - Indirect value shifting affecting interests in companies and trusts, and arising from non-arm's length dealings  

SECTION 727-470   Affected interests do not include equity or loan interests owned by entity that is eligible to be an STS taxpayer  

This section applies to an indirect value shift if:

(a) the indirect value shift happens in the 2007-08 income year or a later income year; and

(b) the scheme that results in the indirect value shift was entered into before the start of the 2007-08 income year.

Paragraph 727-470(2)(a) of the Income Tax Assessment Act 1997 (as in force immediately before the commencement of this section) continues to have effect in relation to the indirect value shift as if the repeals and amendments made by Schedule 1, Parts 1 and 2 of Schedule 3 and Schedule 8 to the Tax Laws Amendment (Small Business) Act 2007 had not been made.


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