Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:2_2
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 126142–127646

2                                An income year after the first use year  The amount of the transfer credits not yet applied under section 160AFE of the Income Tax Assessment Act 1936  The first use year

 (3) Subsection (2) also has effect for the purposes of a subsequent operation of this section.

 (4) This section operates separately in relation to each class of foreign income (within the meaning of the Income Tax Assessment Act 1936) identified in subsection 160AF(7) of that Act, as if:
 (a) the *head company's foreign income of that class for an income year were the whole of the head company's foreign income for that year; and
 (b) the joining entity's foreign income of that class for the non‑membership period were the whole of the joining entity's foreign income for the period.

717‑28  Excess foreign tax credits lost on joining consolidated group

 (1) For the purposes of section 160AFE of the Income Tax Assessment Act 1936 in relation to an income year ending after the time an entity becomes a *subsidiary member of a *consolidated group, the entity is taken not to have any *excess foreign tax credits from an income year, or non‑membership period described in section 701‑30, that ended before or at that time.

 (2) Subsection (1) does not affect the operation of section 160AFE of the Income Tax Assessment Act 1936 in accordance with section 717‑15 or 717‑22.

Part 10—Liability for payment of tax where head company fails to pay on time

Income Tax Assessment Act 1997