Document ID: chunk:federal_register_of_legislation:C2010C00690:clause:3_23
Version: federal_register_of_legislation:C2010C00690
Segment Type: clause
Provision Reference: sch 3 cl 23
Character Range: 275735–276956

23  Application of amendments of Subdivision 126‑B

(1) The amendments of Subdivision 126‑B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to a trigger event happening after 30 June 2003, except a trigger event to which subitem (2) applies.

(2) This subitem and subitem (3) apply to a trigger event if:
 (a) the originating company or the recipient company involved in the trigger event becomes a member of a consolidated group, or MEC group, on the day (the consolidation day) on which that group comes into existence; and
 (b) the consolidation day either is before 1 July 2003 or is both:
 (i) the first day of the first income year starting after 30 June 2003 of the group's head company (for a consolidated group) or provisional head company (for a MEC group) on the consolidation day; and
 (ii) before 1 July 2004; and
 (c) the originating company was not a member of a consolidated group or MEC group before the consolidation day.

(3) The amendments of Subdivision 126‑B of the Income Tax Assessment Act 1997 made by this Schedule apply in relation to the trigger event if it happens on or after the consolidation day.

Division 2—Loss transfers

Income Tax Assessment Act 1997