New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)
Schedule 16 Consolidation: transitional foreign-held membership structures
Part 1 Amendment of the Income Tax Assessment Act 1997
2 Section 703-45
Repeal the section, substitute:
703-45 Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group
(1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703-15(2), a set of requirements that must be met for an entity (the test entity ) to be a *subsidiary member of a *consolidated group or a *consolidatable group at a particular time (the test time ).
(2) At the test time, each of the interposed entities must either:
(a) be a *subsidiary member of the group; or
(b) hold *membership interests in:
(i) the test entity; or
(ii) a subsidiary member of the group interposed between the *head company of the group and the test entity;
only as a nominee of one or more entities each of which is a *member of the group.
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