Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_55
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 55
Character Range: 68836–69689

55  At the end of Part 3‑90
Add:

Division 721—Liability for payment of tax where head company fails to pay on time

Table of Subdivisions

721‑A Application of Division

Subdivision 721‑A—Application of Division

Table of sections

721‑25 References in tax sharing agreements to former table item 25

721‑25  References in tax sharing agreements to former table item 25

 (1) A reference in an agreement to item 25 of the table in subsection 721‑10(2) of the Income Tax Assessment Act 1997 is taken, from the commencement of this section, to be a reference to item 3 of that table, if:
 (a) paragraph 721‑25(1)(a) of that Act applies to the agreement; and
 (b) the agreement was in force just before the commencement of this section.

 (2) This section applies in relation to tax to which Division 5 of the Income Tax Assessment Act 1997 applies.