Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:9_2:p1
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 9 cl 2 (pt 1/2)
Character Range: 89635–92312

2  At the end of Part 3‑90
Add:

Division 717—International tax rules

717‑15  Head company's accelerated access to joining entity's excess foreign tax credits from earlier years
 (1) This section operates in relation to an income year if:
 (a) a consolidated group came into existence during an income year (the current year); and
 (b) the current year ended before 1 July 2004; and
 (c) section 160AFE of the Income Tax Assessment Act 1936 as amended by the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 applies in relation to the head company of the consolidated group for the current year; and
 (d) an entity (the joining entity) became a subsidiary member of a consolidated group at a time (the joining time) during the current year; and
 (e) the condition in subsection (2) is satisfied.
 (2) The condition is that the joining entity and the head company of the group were members of the same wholly‑owned group:
 (a) if the joining time was the start of the current year or the time the joining entity came into existence—at the joining time; or
 (b) otherwise—throughout the period:
 (i) beginning at the start of the current year, or the time the joining entity came into existence (whichever is later); and
 (ii) ending at the joining time.
 (3) For the purposes of section 717‑15 of the Income Tax Assessment Act 1997 in relation to the current year, the reference in subparagraph 717‑15(1)(b)(i) of that Act to the start of that income year is taken to be a reference to the end of that income year.

717‑20  Head company's accelerated access to joining entity's excess foreign tax credits from joining year
 (1) This section operates if:
 (a) a consolidated group came into existence during an income year (the current year); and
 (b) the current year ended before 1 July 2004; and
 (c) section 160AFE of the Income Tax Assessment Act 1936 as amended by the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 applies in relation to the head company of the consolidated group for the current year; and
 (d) an entity (the joining entity) became a subsidiary member of the consolidated group at a time (the joining time) during the current year; and
 (e) the condition in subsection (2) is satisfied; and
 (f) the joining entity had excess foreign tax credits from the earliest non‑membership period (under section 701‑30 of the Income Tax Assessment Act 1997) in the current year.
 (2) The condition is that the joining entity and the head company of the consolidated group were members of the same wholly‑owned group:
 (a) if the joining time was the start of the current