Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:2_2:p1
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 1/7)
Character Range: 250924–253743

2  After Part 3‑45
Insert:

Part 3‑90—Consolidated groups

Division 700—Application of Part 3‑90 of Income Tax Assessment Act 1997

Table of sections

700‑1 Application of Part 3‑90 of Income Tax Assessment Act 1997

700‑1  Application of Part 3‑90 of Income Tax Assessment Act 1997

  Part 3‑90 of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.

[The next Division is Division 703.]

Division 703—Consolidated groups and their members

Table of sections

703‑30 Debt interests that are not membership interests

703‑30  Debt interests that are not membership interests

 (1) For the purposes of Part 3‑90 of the Income Tax Assessment Act 1997, this section affects whether an interest or right that is held by an entity on or after 1 July 2002 and relates to another entity is a membership interest of the entity in the other entity.

 (2) Apply Division 974 of the Income Tax Assessment Act 1997 in determining under Subdivision 960‑G of that Act whether the interest or right is a membership interest of the entity in the other entity.

Note: Under Subdivision 960‑G of the Income Tax Assessment Act 1997, a debt interest relating to an entity is not a membership interest in the entity. Division 974 of that Act explains what a debt interest is.

 (3) This section has effect whether or not the debt and equity test amendments (as defined in item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001) apply to transactions in relation to the interest or right at the relevant time.

[The next Division is Division 707.]

Division 707—Losses for head companies when head companies become members etc.

Table of Subdivisions

707‑C Amount of transferred losses that can be utilised
707‑D Special rules about losses

Subdivision 707‑C—Amount of transferred losses that can be utilised

Table of sections

707‑325 Increasing the available fraction for a bundle of losses by increasing the real loss‑maker's modified market value
707‑327 Choosing available fraction to apply to value donor's loss
707‑328 Income year and conditions for possible transfer under Division 170 of the Income Tax Assessment Act 1997
707‑329 Modified market value at a time before 8 December 2004
707‑350 Alternative loss utilisation regime to Subdivision 707‑C of the Income Tax Assessment Act 1997

707‑325  Increasing the available fraction for a bundle of losses by increasing the real loss‑maker's modified market value

Conditions for increasing real loss‑maker's modified market value

 (1) This section affects the working out of the available fraction for a bundle of losses under subsection 707‑320(1) of the Income Tax Assessment Act 1997 if:
 (a) the transferee mentioned in that subsection chooses under subsection (5) of this section to increase the available fraction