s 721-25
In forceReferences in tax sharing agreements to former table item 25
Chapter 3Specialist liability rules
Part 3-90Consolidated groups
Division 721Liability for payment of tax where head company fails to pay on time
Subdivision 721-AApplication of Division
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.
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