Document ID: chunk:federal_register_of_legislation:C2018A00014:clause:1_21
Version: federal_register_of_legislation:C2018A00014
Segment Type: clause
Provision Reference: sch 1 cl 21
Character Range: 20902–21905

21  Application
(1) The amendments made by this Part apply in relation to an income year in respect of an entity that becomes a subsidiary member of a consolidated group or MEC group under an arrangement that commences (see Part 8 of this Schedule) on or after the 2013 budget time.
(2) Subitem (3) applies if the arrangement commenced before the start of the day on which the Bill that became this Act was introduced into the House of Representatives.
(3) Despite subitem (1), section 716‑440 of the Income Tax Assessment Act 1997 (as inserted by this Part) applies as if:
 (a) the words "the sum of" and "and its *associates" in paragraph (1)(f) of that section were omitted; and
 (b) the words "the sum of" and "and its associates" in paragraph (1)(g) of that section were omitted; and
 (c) subsection (2) of that section were repealed.
(4) In this item:
2013 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 14 May 2013.

Part 6—TOFA

Income Tax Assessment Act 1997