Document ID: chunk:federal_register_of_legislation:C2012C00706:clause:2_104c
Version: federal_register_of_legislation:C2012C00706
Segment Type: clause
Provision Reference: sch 2 cl 104C
Character Range: 66429–68011

104C  Exception to item 104B
(1) Subitem (2) applies if:
 (a) assuming that item 51 of Schedule 3 to the Tax Laws Amendment (2012 Measures No. 2) Act 2012 commenced at the same time as this item, that item would apply in relation to a ruling or advice; and
 (b) to the extent that the ruling or advice has effect in relation to the application of subsection 701‑55(5C) or (6) of the original 2010 law (within the meaning of that Schedule) in respect of the joining entity mentioned in item 50 of that Schedule, that ruling or advice is in relation to an asset of an entity for an income year; and
 (c) the asset is, or is part of, a financial arrangement at the start of the income year; and
 (d) the requirements in subitem 104B(1) are satisfied in relation to the asset; and
 (e) the entity is the head company mentioned in subitem 104B(1); and
 (f) the income year is the head company's first applicable income year mentioned in subitem 104B(1).
(2) Item 104B does not apply in relation to the asset.
(3) Subitem (4) applies if:
 (a) subitem (2) applies; and
 (b) a liability is, or is part of, a financial arrangement at the start of the income year mentioned in subitem (1); and
 (c) the financial arrangement is of the same kind as the financial arrangement mentioned in paragraph (1)(c); and
 (d) the requirements in subitem 104B(1) are satisfied in relation to the liability; and
 (e) the head company mentioned in subitem 104B(1) is the same entity as the head company mentioned in paragraph (1)(e) of this item.
(4) Item 104B does not apply in relation to the liability.